Clippers Buyer is Microsoft Ex-CEO Steve Ballmer; Buys Team for $2 Billion

After a number of billionaires and celebrities showed their interest in acquiring the Los Angeles Clippers, the winning bidder turned out to be Steve Ballmer, former CEO of Microsoft.

According to New York Post, Ballmer will pay $2 billion for the NBA team. The amount is the highest ever paid for a franchise in the league. Although there were already speculations that a buy-out would cost at least $1.5 billion, many experts said that $2 billion was a bit too much. The most paid for an NBA franchise was $550 million for the Milwaukee Bucks when it was sold earlier in May 2014. Donald Sterling only paid $12.5 million to own the Clippers in 1981. He is also the longest tenured owner in the NBA.

Shelly Sterling, wife of former owner Donald, who was ousted by NBA Commissioner Adam Silver, finalized a contract with Ballmer. The contract was sent to the NBA to be approved by at least three-fourths of all the NBA team owners to make the sale official. Donald Sterling is not required to sign since he was deemed mentally unfit to decide for the family trust. Shelly, in turn, is in charge of the trust, including decisions for the L.A. Clippers.

In a report by USA Today, Ballmer is worth about $20 billion. The deal was completed just five days before an NBA hearing which would supposedly remove the Sterling family permanently from the Clippers. In 2013, Ballmer and Chris Hansen tried to buy the Sacramento Kings but the plan failed when they were denied after news circulated that the two intended to transfer the team to Seattle.

Ballmer outbid the Guggenheim Group, Grant Hill and other notable names who also shared their interest of acquiring the L.A. Clippers. In an SB Nation report, should Ballmer be approved by majority of the 29 other NBA team owners, he will be the wealthiest owner in the NBA.