Former Microsoft chief executive Steve Ballmer has won a frenetic bidding war for ownership of the Los Angeles Clippers, with a $2-billion offer that would set a record price for an NBA team. Ballmer bid higher than competitors that included Los Angeles-based investors Tony Ressler and Bruce Karsh and a group that included David Geffen and executives from the Guggenheim Group, the Chicago-based owner of the Los Angeles Dodgers. [Los Angeles Times]
CHA-CHING, as big money drops for the Los Angeles Clippers, with Steve Ballmer, formerly of Microsoft, beating out other heavy financial hitters for the honors. Offers by Geffen Group, $1.6 billion, and Ressler-Karsh, $1.2 billion, were reportedly rejected. Shelly Sterling completed the deal with Ballmer late Thursday, according to the Los Angeles Times.
Unlike other bidders, he did not immediately seek out partners for the purchase of the Clippers.
The businessman said in a recent interview that he had no intention of moving the Clippers. He said that the high valuations for the team only made sense in Los Angeles, the second biggest media market in the country.