Wednesday, June 11, 2014
As I have previously discussed, late last month Rochelle Sterling reached a deal with former Microsoft CEO Steve Ballmer to sell the Clippers for $2 billion. The deal may not have gone through though if Donald Sterling was not found to be mentally unfit, but because of that determination his signature was not needed for the deal to go through due to a provision in the family trust. The successful business deal allowed Rochelle to maintain some perks from the team as “owner emeritus,” such as seats and parking spaces at the games.
See Scott Cacciola, Plan B Eased Clippers Deal: Sterling’s Diagnosis, The New York Times, June 9, 2014.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.