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Friday, 30 May 2014

Former Microsoft CEO Steve Ballmer to Buy Donald Sterling's LA Clippers for $2 Billion

Former Microsoft CEO Steve Ballmer in a $2 billion deal is set to buy LA Clippers, after their previous owner Donald Sterling was given a NBA ban over racist comments. The sale comes just days before a NBA panel was due to meet to discuss revoking Sterling's ownership over the team.While the deal between Ballmer and Shelly Sterling has been agreed, it still has to pass the approval of a NBA panel.

ESPN reports that the agreement was signed Thursday and was sent straight to the NBA for final approval. Ballmer outbid former NBA star Grant Hill, who offered $1 billion, and a group of wealthy business people that included Oprah Winfrey. Ballmer's bid has also set a record price for an NBA team.

The likely new owner, Ballmer, retired from Microsoft in February after 14 years as CEO, and has an estimated fortune of $20.3 billion.  The team had been bought by Sterling for $12.5 million in 1981.
Before the deal can be sealed, it has to be approved by the NBA - and Sterling, who had dithered over whether he would allow his wife to sell the team he has owned for more than 30 years.

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