Sterlings Request $300 Million Down Payment From Winning Bidder
Donald Sterling has quickly turned into one of those guys where as you scroll through the news, you just wonder “what the hell did this guy do now?!” His wife, Shelly Sterling, isn’t too far behind that path. Today’s drama that is the selling of the Los Angeles Clippers is that the Sterlings not only want to have a sale of the team in place by Monday, but they’re requesting the winning bidders to fund an escrow account with $300 million as a down payment, according to ESPN’s Bill Simmons:
Just said on Countdown – big issue complicating Clips bid is Sterlings want a 300 million non-refundable down payment for winning bidder.
— Bill Simmons (@BillSimmons) May 28, 2014
PS: prob is bidder could win Clips, then final sale could get held up by lawsuits indefinitely. Nobody wants to lose 300 mill indefinitely. — Bill Simmons (@BillSimmons) May 28, 2014
As Simmons references in that second tweet, even realllllllllllly realllllllllly rich people don’t want $300 million in limbo as the Sterlings continue their lawsuits. It may scare away some bidders, but I think there will be many who stick around regardless since the Clippers, aside from all of this drama, are a cash-cow. You have the LA market, and two marquee players, and now the support of many causal fans who will want to see you succeed just to throw it in Sterling’s face. The Clippers are slowly on their way to becoming America’s team now, and one product of that is profitability. I think the Clippers end up going for close to $2 billion, and the Sterlings get their wish. Frank Santos- Sports-Kings Co-Founder