Former Microsoft chief executive Steve Ballmer won a frenetic bidding war for ownership of the Los Angeles Clippers, with his $2-billion offer setting a record price for an NBA team, The Times has learned.
Ballmer, who was chief executive of Microsoft for 14 years, was chosen over 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, according to three individuals familiar with the negotiations.
One of the individuals with knowledge of the negotiations said the Geffen group bid $1.6 billion and Ressler at $1.2 billion.
The sale price is almost four times the highest previous NBA franchise sale price -- the $550 million paid earlier this month for the Milwaukee Bucks. It is second only to the Dodgers' 2012 sale for $2.1 billion as the highest price for any sports team in North America.
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Thu May 29, 2014 8:00 pm
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