Shelly Sterling could have fought to keep half ownership of the Clippers, but instead settled as an “owner emeritus,” a rare situation where she can maintain a significant presence with the team, but has given up her actual 50 percent ownership of the team.
A part of the arrangement includes her funding a major foundation to serve the poor, minorities and battered spouses, according to LA Times James Rainey’s sources.
The agreement was made during the $2 billion sales agreement last week. Sterling sold the entire team to Microsoft Chief executive Steve Ballmer after taking control of the trust when her husband Donald Sterling had alleged mental failings. And of course, the well documented saga those failings were exposed due his racism scandal following the release of an audio recording where Donald made racist remarks. He was eventually banned from the NBA by commissioner Adam Silver.
The NBA approved the post-ownership role for Shelly Sterling, which was suggested by her attorney Pierce O’Donnell.
A new foundation will be created and funded by the Clippers origination and Shelly Sterling is expected to become the co-executive director of the organization, which so far has no name. Ballmer will be the other co-executive. Though, the details are yet to be finalized.
“This allows Shelly to have a measure of dignity and to continue to have a connection to the team she loves,” said one person involved in making the deal via the L.A. Times.
At the end of last week, Donald Sterling had not made it clear whether he would allow the deal to process or attempt to block it in court.