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I think Donald Sterling won...
Posted on 5/29/14 at 6:22 pm
Posted on 5/29/14 at 6:22 pm
He's agreed to sell the Clippers to a former Microsoft CEO for $2 billion dollars.
LINK
LINK
This post was edited on 5/29/14 at 6:24 pm
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Posted on 5/29/14 at 6:23 pm to Rebelgator
That'll teach him.
Posted on 5/29/14 at 6:23 pm to Rebelgator
I thought I say he'll have to pay a capital gains tax on that which will be astronomical.
Posted on 5/29/14 at 6:38 pm to Porter Osborne Jr
I took the numbers to the capital gains tax calculator on moneychimp.com (Jesus, the irony... Not being racist, just sayin) and considering Sterling is in the 39% Federal tax bracket and Cali's state tax is out of this world (I calculated for 20%) for someone of his financial standing I'm thinking he takes home less than 850 million after the sale.
ETA: I'm sure he has a high priced tax attorney on retainer that will help him out so maybe he pockets 900 million of it.
ETA: I'm sure he has a high priced tax attorney on retainer that will help him out so maybe he pockets 900 million of it.
This post was edited on 5/29/14 at 6:43 pm
Posted on 5/29/14 at 6:44 pm to Rebelgator
Let him think that like the fool he is.
The goal wasn't to bankrupt him.
The goal wasn't to bankrupt him.
Posted on 5/29/14 at 6:50 pm to TbirdSpur2010
quote:
The goal wasn't to bankrupt him.
There was no "goal." The NBA is scared of bad press and the NBA owners didn't want to look like they were supporting a racist.
Posted on 5/29/14 at 6:51 pm to TbirdSpur2010
quote:
Let him think that like the fool he is.
The goal wasn't to bankrupt him.
I doubt it was for a bidding war that ends up with him pocketing $2 billion though.
12.5 million into 2 billion. That's some cabbage there.
This post was edited on 5/29/14 at 6:53 pm
Posted on 5/29/14 at 6:55 pm to Alahunter
quote:
I doubt it was for a bidding war that ends up with him pocketing $2 billion though.
The NBA knew this was going to happen. A valuable franchise in LA? How could it not?
Some folks are acting like this is some moral victory for Sterling when the fact of the matter is forcing him out of the league was the punishment in and of itself.
The NBA was never trying to stop him from profiting from the sale. Hell, they were the ones who recommended it to begin with
This post was edited on 5/29/14 at 6:56 pm
Posted on 5/29/14 at 6:56 pm to the808bass
quote:
There was no "goal."
Yes there was.
quote:
The NBA is scared of bad press
As they should be.
quote:
the NBA owners didn't want to look like they were supporting a racist.
Good.
Posted on 5/29/14 at 6:57 pm to TbirdSpur2010
None of those are actual goals. They're just reactions.
Posted on 5/29/14 at 6:58 pm to TbirdSpur2010
quote:
A valuable franchise in LA?
$2 billion valuable? Haven't they only had like 5 winning seasons in their history or something like that?
quote:
forcing him out of the league was the punishment in and of itself
Understand. But if he gets a much higher price because they are so zealous in him being removed, then he has accomplished somewhat of a moral victory at their expense. Figuratively and literally.
eta - according to Forbes, just this January, the Clippers weren't in the top 11 in value of NBA teams. 11th ranked team in value was at $660 million.
This post was edited on 5/29/14 at 7:01 pm
Posted on 5/29/14 at 7:00 pm to the808bass
quote:
None of those are actual goals. They're just reactions.
Setting a goal as a reaction to something doesn't make it any less a goal.
The goal was to force Sterling out of the NBA fraternity. That goal is accomplished.
Like I said, no one is trying to bankrupt the man.
Posted on 5/29/14 at 7:01 pm to TbirdSpur2010
Fair enough. I'm never a big fan of knee jerking. But to each their own.
Posted on 5/29/14 at 7:02 pm to Alahunter
Lakers suck right now. Seems to be a good time to buy.
Posted on 5/29/14 at 7:03 pm to Alahunter
quote:
$2 billion valuable? Haven't they only had like 5 winning seasons in their history or something like that?
They are currently the marquee team in LA and a championship contender. They've had an abysmal past, but their present and future outlooks are what make them valuable.
quote:
if he gets a much higher price because they are so zealous in him being removed, then he has accomplished somewhat of a moral victory at their expense. Figuratively and literally.
Not necessarily.
The NBA did the right thing in removing him post haste.
Whether he profits from it is of little consequence. He's a multi billionaire. Any monetary gains from the sale or fines from a punishment were going to be a pittance.
This post was edited on 5/29/14 at 7:04 pm
Posted on 5/29/14 at 7:04 pm to Hardy_Har
quote:
Lakers suck right now. Seems to be a good time to sell.
fify
I guess it really depends on how you look at it
Posted on 5/29/14 at 7:05 pm to TbirdSpur2010
quote:
The NBA did the right thing in removing him post haste
Not the issue at hand. The overinflated profit as a result of the post haste move is. It's akin to the NAACP paying the KKK 10 times the cost of their robes, just to de-robe them.
Posted on 5/29/14 at 7:09 pm to Rebelgator
The NBA drastically overreacted to this, though they had the right to do so just like Sterling has the right to turn a 200 fold profit on his initial investment.
Glad this is all over.
Glad this is all over.
Posted on 5/29/14 at 7:11 pm to Alahunter
These guys don't buy these teams to make a profit. He was already an 81 year old billionaire. Now he will still be an 81 year old billionaire.
They buy these teams for the social standing, have their own real life fantasy teams, and be a part of an elite fraternity.
They buy these teams for the social standing, have their own real life fantasy teams, and be a part of an elite fraternity.
Posted on 5/29/14 at 7:11 pm to Alahunter
quote:
Not the issue at hand.
I disagree.
quote:
The overinflated profit
That's just the free market at work. Like I said, the Clippers are an insanely hot commodity right now.
quote:
It's akin to the NAACP paying the KKK 10 times the cost of their robes, just to de-robe them.
That analogy doesn't work in the slightest, Hunter
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