Shelly Sterling will not own any of the Clippers after she sells the team to Steve Ballmer for $2 billion, a sale that the NBA is working now to finalize. But she would still have ties to the team.
Almost an “owner emeritus” status, reports the Associated Press.
The individuals, who are not authorized to speak publicly, told The Associated Press that the $2 billion deal allows for up to 10 percent of the team — or $200 million — to be spun off into a charitable foundation that Shelly Sterling would essentially run. The deal was negotiated by Shelly Sterling after husband Donald Sterling’s racist remarks to a girlfriend were publicized and the NBA moved to oust him as team owner.
One of the individuals said Shelly Sterling and Ballmer would be co-chairs of the foundation. The individuals said the foundation would target underprivileged families, battered women, minorities and inner city youths. “To benefit those on the receiving end of Donald’s rather abhorrent remarks,” one individual said.
