10% of Clippers Sale to Shelly Sterling-Controlled Charity
Last week, Donald Sterling and his wife Shelly agreed to sell the Los Angeles Clippers to Steve Ballmer for $2 billion. CNN reported on Saturday that $200 million, or 10%, of that sale price will go toward establishing a new charitable foundation that will be "essentially run" by Shelly Sterling.
According to an unnamed source familiar with the negotiations, Shelly Sterling and Steve Ballmer would be co-chairs of the charity, which would focus its efforts on "underprivileged families, battered women, minorities, and inner city youths."
According to the report, it was Pierce O'Donnell, Shelly Sterling's attorney, who first suggested the idea to the NBA.
Donald Sterling bought the Los Angeles Clippers for $12.5 million in 1981. He will be earning a 15,900% return on his investment when the sale of the team is completed.