Clippers: Silver willing to work with Sterling to sell team on own accord

[StrengthAndHonor]

National Basketball Association Commissioner Adam Silver said on Tuesday he would prefer to let Los Angeles Clippers owner Donald Sterling sell his team "on a reasonable timetable" rather than proceed with trying to forcibly terminate his ownership.
The comments from Silver, signaling a willingness to strike a deal to avoid a showdown in his efforts to oust Sterling, came a day after the league formally charged that racist comments by Sterling have so seriously damaged the league that he should be removed.

The league has given Sterling until May 27 to respond to its charge and invited him to appear at a special hearing before the NBA Board of Governors set for June 3, after which the league's 29 other owners who make up the board could vote to strip him of his team.

[bluebellmaniac]

National Basketball Association Commissioner Adam Silver said on Tuesday he would prefer to let Los Angeles Clippers owner Donald Sterling sell his team "on a reasonable timetable" rather than proceed with trying to forcibly terminate his ownership.
The comments from Silver, signaling a willingness to strike a deal to avoid a showdown in his efforts to oust Sterling, came a day after the league formally charged that racist comments by Sterling have so seriously damaged the league that he should be removed.

The league has given Sterling until May 27 to respond to its charge and invited him to appear at a special hearing before the NBA Board of Governors set for June 3, after which the league's 29 other owners who make up the board could vote to strip him of his team.

The issue is that if the team is sold while he is still alive, there will be a 40% capital gains tax on the $1B sale of the team. If they come to an agreement that the NBA will control the team until he dies and then allows it to be sold without objection, his ex and children will not owe any money on the sale of the team.

So on the one hand, the NBA would get rid of a racist owner without objection. They would just have to wait a few years. The downside is that they enable that racist to earn an additional $400M on the sale by doing so.

What to do, what to do...

[Clipper Nation]

Nice idea, but the stubborn old got will still have to be voted out as he's too socially inept to realize he's not wanted anymore....

[TDMVPDPOY]

The issue is that if the team is sold while he is still alive, there will be a 40% capital gains tax on the $1B sale of the team. If they come to an agreement that the NBA will control the team until he dies and then allows it to be sold without objection, his ex and children will not owe any money on the sale of the team.

So on the one hand, the NBA would get rid of a racist owner without objection. They would just have to wait a few years. The downside is that they enable that racist to earn an additional $400M on the sale by doing so.

What to do, what to do...

u sure u know what u talkin about?

[jimbo]

The issue is that if the team is sold while he is still alive, there will be a 40% capital gains tax on the $1B sale of the team. If they come to an agreement that the NBA will control the team until he dies and then allows it to be sold without objection, his ex and children will not owe any money on the sale of the team.

So on the one hand, the NBA would get rid of a racist owner without objection. They would just have to wait a few years. The downside is that they enable that racist to earn an additional $400M on the sale by doing so.

What to do, what to do...

He's a jew, not a moron. The NBA has to know that Sterling has legitimate avenues of keeping this in court until he dies. I don't think they care about Sterling making money as much as the player/fan/sponsor backlash from keeping a racist owner in the loop sorta. I still don't think they'd actually do anything like a sitout tbh.

I think the interim owner idea is reasonable. Lets Sterling live out his last couple years without having to worry about this bull and takes him outta the spotlight. If I were Silver, I'd take that any day of the week.

[jimbo]

u sure u know what u talkin about?

It's pretty much right. The team's value would be reevaluated at market price when it transfers ownership to his family. So when they sold it the capital gains would be 1 bil - 1 bil versus 1 bil - 10 mil. (What Sterling bought it for)

The difference is that they'd have to deal with the estate taxes instead. (which are considerably less)

[Jacob1983]

Clipnation, why don't you just take Sterling out if you hate him so much?