Bank of America hired by Sterlings to Sell NBA’s L.A. Clippers
05/27/2014 11:32 AM
05/27/2014 3:10 PM
Bank of America has been retained to sell the Los Angeles Clippers, two people with direct knowledge of the situation said.
The people requested anonymity because the sale process isn’t public.
Jim Nash, a managing director at Bank of America, declined to comment. Pierce O’Donnell, the attorney for Shelly Sterling, wife of team owner Donald Sterling, didn’t immediately respond to a message left at his Los Angeles office prior to business hours.
The National Basketball Association barred Donald Sterling, the team’s managing partner, for making racist statements. Commissioner Adam Silver said he would push owners to force a sale of the team.
Donald Sterling last week agreed to let his wife sell the club, according to people familiar with the matter, avoiding what could be a prolonged legal battle with the league.
The NBA has set hearing for June 3 where Donald Sterling has the right to address the other 29 owners. After that, 23 of 30 owners would need to approve a forced sale.
Shelly Sterling wants at least $1 billion for the team that finished this past season with the third-best record in the regular season, a person with knowledge of the process said last week.
The Clippers were beaten by the Oklahoma City Thunder in the second round of the playoffs.
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