NBA Commissioner Adam Silver has just banned Clippers owner Donald Sterling from the NBA for life and fined him $2.5 million. This is the harshest penalty Sterling could receive under the private constitution and bylaws of the NBA.
Silver also stated that he will move to force Donald Sterling to sell his team amid controversy and backlash from some big pocket sponsors. (See video below)
“The central findings of the investigation are that the man whose voice is on the recordings … is Mr. Sterling and that the hateful feelings are those of Mr. Sterling. The views expressed by Mr. Sterling are deeply disturbing and alarming,” Silver said.
“As for Mr. Sterling’s ownership interest in the Clippers,” Silver said. “I will urge the board of governors to force a sale of the team and will do everything in my power to ensure that happens.”
However, with Forbes valuing the Clippers at $575 million, and considering Sterling only paid $12 million for the team, Sterling stands to profit largely. Also, the fact that the Clippers have remained profitable for nearly every year Sterling has owned them, financially, he walks away the winner.
Furthermore, with Silver pushing for a quick sale of the team, expect the team to sell for more than its $575 million valuation. The last NBA team to sell, earlier this month, were the Milwaukee Bucks for an estimated $550 million, 30% above their valuation.
Either way, Sterling moves up the Forbes richest Americans list, from $1.9 billion to nearly $2.5 billion once this situation is all said and done. Not a bad windfall for an 80 year old man.