Thursday, May 29, 2014

Laughing all the way to the bank...

My brother, Adam, had a rather interesting theory regarding the whole Donald Sterling/L.A. Clippers sale flap. I'm pretty sure that Donald Sterling is laughing all the way to the bank. Seems pretty credible, as conspiracy theories go.

Actually, I'd say it worked out perfectly. Here's my conspiracy theory - According to the NBA constitution, to sell (or transfer) a team, you have to throw in a $50K app fee, plus submit all the necessary paperwork and legalese, then the transfer has to be approved by a 3/4 vote of the NBA's governing members. Now imagine that you're old, hanging on to a team that has sucked forever, and they're finally doing decently against all odds, adding to their value. You want to sell it quickly, but selling takes time and money. So you accidentally let a racist remark slip to your mistress, who then shares that with the NBA commissioner (a man you've been friends with for decades), who then rallies to hit you with an inconsequential fine and 'force' a sale of the team with the NBA governing members, bypassing ALL of the usual fees, time and complications normally associated with selling a team. That doesn't seem wealthy-guy-fishy at all. It effectively costs him 1/10th of 1% on the team to speed his way out from under them. I wonder if his girlfriend and the commissioner's bank accounts suddenly get a nice little bump in the near future.

My friend Roger added:

Since he bought the team for 12.5M in 1981 and they are currently "valued" at 575M I'd say that 2B is a pretty good return on investment...

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