Los Angeles Clippers bids ‘out of control’
It was recently reported that at least five bidders have joined the race for the team, and the competitive nature of the auction has driven the value to around or even above $2 billion. Even though Forbes values the team at over $500 million, it’s more likely than not that the Clippers will sell for around the $2 billion mark.
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The auction of the Los Angeles Clippers is reportedly getting out of control, and could mess up the M&A market in general, according to Daniel Kaplan:
Just got off phone w/ sports banker who says clippers bids out of control, defying reason, and will mess up sports M&A market 4 awhile
— Daniel Kaplan (@KaplanSportsBiz) May 29, 2014
The value of NBA teams has been on a steady rise, so it’s no surprise that a franchise which has superstars such as Blake Griffin and Chris Paul on the roster is in high demand. To put things in perspective, the Milwaukee Bucks, perhaps one of the least attractive franchises in the NBA, recently sold for $550 million.
What makes this thing even more confusing is what Ramona Shelburne of ESPN tweeted on Wednesday:
"Donald’s lawyer Max Blecher tells ESPN that he does not want to sell the team. Has changed his mind from the May 22nd letter to NBA"
Even though Sterling has been banned for life from the NBA and fined $2.5 million he seems to still be willing to put up a fight, despite allowing his wife Shelly Sterling negotiate a deal with bidders on his behalf.
At this point, it’s hard to know what to believe, but the NBA and the other owners are expected to be pushing Sterling out of the league either way, and the bids are pretty hefty.