Clippers bidding war expected to exceed $1 billion; Magic Johnson at front-and-center of pursuit
Donald Sterling has been banned for life from the NBA after his racist comments came to light last weekend.
The Los Angeles Clippers owner was the longest tenured owner in the NBA, but will no longer be allowed to own the club and bidding for the franchise is expected to approach $1 billion dollars according to Yahoo’s Adrian Wojnarowski.
Several groups with desire to purchase Clippers are already stepping forward, with a bidding war expected to exceed $1 billion for Clippers.
— Adrian Wojnarowski (@wojespn) April 29, 2014
Rumors circulated that former Los Angeles Lakers star Magic Johnson would be interested in buying the franchise prior to the announcement from NBA commissioner Adam Silver this afternoon, but tweeted yesterday that he was shooting down the rumors and that the Clippers had an owner and he was not planning on buying the Clippers.
Now that the Clippers are in need of an owner, Wojnarowski tweets that Johnson and his Guggenheim Partners will indeed be one of the favorites to purchase the franchise.
Among those groups, Magic Johnson and Guggenheim Partners will be front-and-center in pursuit of the Clippers.
— Adrian Wojnarowski (@wojespn) April 29, 2014
Sterling purchased the franchise for 12.5 million dollars prior to the start of the 1981-1982 season and moved the team from San Diego to Los Angeles before 1984-1985 season.
The .371 winning percentage of the Clippers during Sterling’s tenure is the worst by any team in the four major pro sports..