News

Bank of America hired to sell L.A. Clippers

Bank of America hired to sell L.A. Clippers

CLIPPERS CONTROVERSY: Shelly Sterling, pictured here at a Clippers game with her attorney, has begun negotiating with the NBA to sell the team. Photo: Associated Press

By Ronald Grover

(Reuters) – Bank of America, hired over the weekend to sell the Los Angeles Clippers, has begun contacting potential buyers for the National Basketball Association (NBA) franchise, according to two people with knowledge of the contacts.

Clippers owner Donald Sterling, banned from the NBA for racist remarks, handed controlling interest in his team to his wife, Shelly Sterling, the co-owner, and she has begun negotiating with the league to sell the club, Reuters reported on Friday, citing sources.

John Yiannacopoulos, a spokesman for Bank of America, did not return a phone call and email.

PHOTOS: Banned from sports

The NBA has scheduled a hearing for June 3, when Donald Sterling can address the charges to his fellow owners. The league could vote to terminate his ownership of the franchise, which would take a vote by 23 of the other 29 owners, the NBA said in a May 19 press release.

NBA Commissioner Adam Silver said last week he would prefer to let the Sterlings sell the team “on a reasonable timetable” rather than proceed with trying to forcibly terminate their ownership.

The family is said to want at least $1 billion for the team. At least six bidders have contacted Shelley Sterling about buying the team, according to ESPN.

Donald Sterling, controlling owner of the Clippers for 33 years, came under fire when TMZ.com posted an audio recording of him berating a female friend for publicly associating with black people, including NBA great Earvin “Magic” Johnson.

Bloomberg earlier reported news of Bank of America’s hiring.

(Reporting by Ronald Grover; editing by Julian Linden)

Latest Stories

in National

Gas ready to drop below $3 for 1st time in 4 years

Fresh
gas

The price at the pump keeps falling, thanks mainly to plunging oil prices.

in National

U.S. consumers are feeling good

Fresh
consumers2

Consumer sentiment rose in October to its highest level since in more than seven years.

in Entertainment

Inspiration for ‘Harry Potter’ nemesis revealed

Fresh
harrypotter

J.K. Rowling says the much-hated character Dolores Umbridge is based on a teacher to whom she took an instant dislike.