Los Angeles, CA, United States (4E Sports) – Billionaire Steve Ballmer’s bid to buy the Los Angeles Clippers became final Tuesday, making him the official new owner of the basketball team.
Ballmer’s bid became final after the entry of an order by a California court confirmed the authority of Shelly Sterling to sell the team on behalf of the Sterling Family Trust.
A former Microsoft CEO, Ballmer bid $2 billion for the Clippers in May. He decided he would complete the sale as soon as the judges’ written order came in, at 11:30 a.m. ET Tuesday.
Ballmer’s takeover of the Clippers came after weeks of legal tussling between Shelly and Donald Sterling, the 80-year-old billionaire whom the NBA banned earlier this year for making offensive remarks about blacks.
Ballmer’s $2 billion price paid would be 12.1 times the expected 2014 revenues of the team, according to drafts of the Clippers’ sale bid book.
The bid book noted that the highest previous sale was the record that Ballmer beat, the Milwaukee Bucks, who sold for $550 million this year and a then-record five times total revenue.