Steve Ballmer buys Clippers for $2 billion

Former Microsoft chief executive Steve Ballmer has submitted a winning bid of $2 billion to buy the Los Angeles Clippers, reports the Los Angeles Times.

According to the Times, Ballmer’s bid beat out Tony Ressler and Bruce Karsh ($1.2 billion) and a group that included David Geffen and executives from the Guggenheim Group ($1.6 billion).

The Sterling family trust has signed the agreement to sell the team to Ballmer. The agreement has now been sent to the NBA for final approval.

Ramona Shelburne of ESPN reports that banned Clippers owner Donald Sterling was recently found by experts to be incapacitated, allowing his wife Shelly to have the power to deal directly with Ballmer.

Ballmer, 58, was the CEO of Microsoft for 14 years and is reportedly worth $20 billion.  He has said he has no intentions of moving the team. The $2 billion sale price is the second-most ever for a professional sports franchise in North America.  The Los Angeles Dodgers were sold for $2.1 billion in 2012.

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