Sources: Chargers Expected To Move To L.A. In '17 Yanks Set To Benefit From New MLB CBA Losing Revenue Sharing Could Cut A's Payroll More 'Canes Allowed To Withhold Some Financial Figures TFC Becoming MLS' Premier Franchise? Rockets Hire E-Sports Front Office Exec Orioles To Keep Season-Ticket Prices Flat Blackhawks Reward Fans For Watching At Bars A's Ballpark Talks To Pick Up Pace With New CBA? 76ers Postpone Game Due To Moisture On Court
SBD/July 22, 2014/Franchises
Sterling Meets With Ballmer As CFO Says Family Needs Clippers Sale To Cover Debts
Published July 22, 2014
DEBT COLLECTION: USA TODAY's David Leon Moore notes only "one witness took the stand" yesterday, Sterling Family CFO Darren Schield, who "manages the day-to-day affairs of Donald and Shelly Sterling's multibillion-dollar real estate empire." Schield testified that when Donald Sterling "revoked the Sterling Family Trust on June 9, a move Donald hoped would block the sale, he triggered a process that could result in a default of nearly" $500M the Sterlings owe to three banks. Schield said that the "only way to pay off the loans would be to sell a major portion of the Sterlings' property" (USA TODAY, 7/22). Schield said that the family trust's "dissolution could trigger a default" on its $250M credit line with Bank of America. He added that if the loan "couldn't be repaid out of the proceeds from selling the Clippers, it would likely be renegotiated at a much higher interest rate" (WSJ.com, 7/21). Schield said that if Sterling "has to dump" $500M worth of apartment buildings "he could destabilize the Los Angeles real estate market" (AP, 7/21).