The former Microsoft CEO wins the bid to buy the Los Angeles Clippers.
Steve Ballmer has won the bidding war to acquire the Los Angeles Clippers, reports the Los Angeles Times. Earlier reports cast a shadow on the $2 billion bid of the former Microsoft CEO, but Clippers co-owner Shelly Sterling has agreed to sell the NBA team to Ballmer.
According to the LA Times, Ballmer placed a higher bid of $2 billion, trumping competitors that included Los Angeles-based investors Tony Ressler and Bruce Karsh who offered $1.2 billion, and David Geffen with his $1.6 billion bid.
Shelly Sterling and Baller concluded the deal on Thursday afternoon, the Times added.
However, Donald Sterling has yet to sign the sale. Bobby Samini, Donald Sterling's lawyer, said that without Donald's signature, the sale isn't going to happen.
Furthermore, the sale will need to be approved by three-fourths of the NBA owners, 30 all in all. But getting the majority approval will not be a problem if Ballmer will assure the NBA that he is keeping the team in Los Angeles.
The 58-year old ex-Microsoft CEO apparently placed a bid to buy the Sacramento Kings last year. But NBA owners rejected the bid because Ballmer wanted to move the Kings to Seattle.
Ballmer's $2 billion bid is the second largest bid in American sports history. The Los Angeles Dodgers was sold in 2012 for a whopping $2.1 billion.