Like him or hate him, and 99 percent of people hate him, Donald Sterling is going to make out like bandit on the Los Angeles Clippers sale. Because he purchased the team more than 30 years ago, the unpopular owner paid just $12 million for the then San Diego Clippers.
It’s now 2014 and the team is expected to fetch more than one billion when the sale finally goes down. Contrary to earlier thought, Sterling is apparently willing to sell the team sooner rather than later. He’s said to be allowing his wife to negotiate the sale, which hopefully won’t drag on too long.
But when it comes to the price tag for the Clips, it appears everyone may have underestimated:
So if you believe Sterling’s lawyer, the Clippers are worth about twice as much as many projected.
It’s gross that Sterling will profit so much from the sale, but it’s either that or let him stay in the NBA. We all know that he has no place in the NBA, so him getting richer is the unfortunate consolation prize.
It’s hard to see the Clippers fetching more than the Dodgers did a few years back, but there’s no doubt the team’s stock is on the rise in a big way. The Clips have gone from the laughing stock of the NBA to one of the best teams in the league over the past few years. Whoever does buy the team will surely have a solid investment in their portfolio moving forward.