| View previous topic :: View next topic |
| Author |
Message |
Admiral_Needa
Joined: 23 Sep 2004
Posts: 10479
Location: Tiburon, CA
Back to top |
|
justintyme
Joined: 08 Jul 2012
Posts: 8407
Location: Northfield, MN
Back to top |
 Posted: 04/29/14 4:01 pm ::: |
Reply  |
|
| pilight wrote: |
| TonyL222 wrote: |
| hyperetic wrote: |
| Youth Coach wrote: |
A 2.5 million dollar fine and a lifetime ban. And apparently Adam Silver also said that he is going to try to force Sterling to sell the team.
It is likely that this was about as much as the league could actually do at this point in time. But I'm guessing they'll still get hammered for not doing something like stripping him of the team, which they aren't legally enabled to do. |
I had hoped but wasn't for sure the NBA had the cojones to go that far. Kinda figured they couldn't just take the team from him outright. But looks like they are going to try to do it another way. With the amount of legal muscle the NBA has, it should be possible to find a way to force him to sell. I doubt he takes it "lying down" though. |
2/3 of the owners (or maybe its 3/4) can vote to remove his franchise. My guess, though is it won't get that far. Some owners will convince him to just sell and move on. without a vote - is my guess. |
It's 3/4, and removing his franchise means folding the team. That's not going to happen. |
The target number is 22. If 22 owners vote to force him out he is required to sell the team. He will have no say in it. From Silver's statment it sounds like they are sure to have the votes.
_________________
↑↑↓↓←→←→BA
|
|
Admiral_Needa
Joined: 23 Sep 2004
Posts: 10479
Location: Tiburon, CA
Back to top |
|
TonyL222
Joined: 01 Oct 2007
Posts: 5140
Location: Reston, VA
Back to top |
| Posted: 04/29/14 6:29 pm ::: |
Reply |
|
| pilight wrote: |
It's 3/4, and removing his franchise means folding the team. That's not going to happen. |
Why is that? Couldn't the league then take "ownership" of the team until a new owner was found, a la the Sparks?
I still believe he'll sell it on his own. Why keep it? He's been banned from all participation in the team, the sponsors are squeezing him, and the player can still boycott.. Just sell, become richer, and live another 5-10 years in decadent obscurity.
|
|
pilight
Joined: 23 Sep 2004
Posts: 66910
Location: Where the action is
Back to top |
| Posted: 04/29/14 7:00 pm ::: |
Reply |
|
| TonyL222 wrote: |
| pilight wrote: |
It's 3/4, and removing his franchise means folding the team. That's not going to happen. |
Why is that? Couldn't the league then take "ownership" of the team until a new owner was found, a la the Sparks?
I still believe he'll sell it on his own. Why keep it? He's been banned from all participation in the team, the sponsors are squeezing him, and the player can still boycott.. Just sell, become richer, and live another 5-10 years in decadent obscurity. |
Apparently I was misinformed. Termination and dissolution are separate things under the bylaws.
_________________
I'm a lonely frog
I ain't got a home
|
|
ChicagoAnnie
Joined: 04 Sep 2009
Posts: 9199
Location: St. Paul, MN
Back to top |
| Posted: 04/29/14 8:47 pm ::: |
Reply |
|
| I agree...the team will be devalued particularly if star players force their way out of contracts, or Silver allow those guys to become free agents.
_________________
The meteor cannot come fast enough. Start this thing over.
|
|
hyperetic
Joined: 11 Oct 2005
Posts: 5360
Location: Fayetteville
Back to top |
| Posted: 04/29/14 8:51 pm ::: |
Reply |
|
| TonyL222 wrote: |
| pilight wrote: |
It's 3/4, and removing his franchise means folding the team. That's not going to happen. |
Why is that? Couldn't the league then take "ownership" of the team until a new owner was found, a la the Sparks?
I still believe he'll sell it on his own. Why keep it? He's been banned from all participation in the team, the sponsors are squeezing him, and the player can still boycott.. Just sell, become richer, and live another 5-10 years in decadent obscurity. |
Heard this on an interview on NBATV: One possible reason he may be reticent to sell is that if he does he will have to pay a capital gains tax. That is a 33% tax on the amount of profit between what he bought the Clippers for and what he sells it for. He bought them for $12 mil. If he sell it for the reported possible $1 billion sticker price, then he will owe 33% of $988,000,000, approximately $326,040,000. If he hangs onto it till his death, whoever inherits it will not have to pay that tax. |
|
justintyme
Joined: 08 Jul 2012
Posts: 8407
Location: Northfield, MN
Back to top |
| Posted: 04/29/14 10:09 pm ::: |
Reply |
|
| hyperetic wrote: |
| TonyL222 wrote: |
| pilight wrote: |
It's 3/4, and removing his franchise means folding the team. That's not going to happen. |
Why is that? Couldn't the league then take "ownership" of the team until a new owner was found, a la the Sparks?
I still believe he'll sell it on his own. Why keep it? He's been banned from all participation in the team, the sponsors are squeezing him, and the player can still boycott.. Just sell, become richer, and live another 5-10 years in decadent obscurity. |
Heard this on an interview on NBATV: One possible reason he may be reticent to sell is that if he does he will have to pay a capital gains tax. That is a 33% tax on the amount of profit between what he bought the Clippers for and what he sells it for. He bought them for $12 mil. If he sell it for the reported possible $1 billion sticker price, then he will owe 33% of $988,000,000, approximately $326,040,000. If he hangs onto it till his death, whoever inherits it will not have to pay that tax. |
I'm pretty sure the capital gains tax is a 15% tax for people in the highest tax bracket. Though that is still a substantial amount.
But the whole point of the owner's vote is that he won't have a choice in the matter. He will have to sell. Supposedly Silver has the votes to do it (at least 22).
_________________
↑↑↓↓←→←→BA
|
|
StevenHW
Joined: 25 Jul 2005
Posts: 10983
Location: Sacramento, California
Back to top |
|
hyperetic
Joined: 11 Oct 2005
Posts: 5360
Location: Fayetteville
Back to top |
| Posted: 04/29/14 11:12 pm ::: |
Reply |
|
| justintyme wrote: |
I'm pretty sure the capital gains tax is a 15% tax for people in the highest tax bracket. Though that is still a substantial amount.
But the whole point of the owner's vote is that he won't have a choice in the matter. He will have to sell. Supposedly Silver has the votes to do it (at least 22). |
I thought I heard him say 33% (and I did think that sounded steep) but this article says 23.8%:
| Quote: |
| Now, if the idea of a racist billionaire getting a check for close to $1 billion as punishment for his racism doesnt seem fair, consider this: Selling the team now will cost Sterlings family a couple hundred million dollars in taxes. Sterling bought the team in 1981 for just $12.7 million, so if hes forced to sell hell owe the 23.8 percent capital gains tax on almost all of the sales prices. |
http://www.washingtonpost.com/blogs/wonkblog/wp/2014/04/29/what-donald-sterling-could-make-if-hes-forced-to-sell-the-clippers/ |
|
jammerbirdi
Joined: 23 Sep 2004
Posts: 21046
Back to top |
| Posted: 04/30/14 1:31 am ::: |
Reply |
|
| pilight wrote: |
One thing that none of the press want to touch is Sterling's politics. He is a lifelong Democrat. If he was on the other side, every newspaper and TV talking head would be mentioning it within the first three sentences of every story. |
Donald Sterling is a Republican, not a Democrat
Uh. You're wrong. What do I do now? (I feel like I should call the bureau of weights and measures or something and report this.)_________________ Every woman who has ever been presented with a career/sex quid pro quo in the entertainment industry should come forward and simply say, “Me, too.” - jammer The New York Times 10/10/17 |
|
justintyme
Joined: 08 Jul 2012
Posts: 8407
Location: Northfield, MN
Back to top |
| Posted: 04/30/14 11:52 am ::: |
Reply |
|
Sacramento Kings owner Vivek Ranadive expects 29-0 vote to force Sterling to sell.
Of course, it's very likely that Sterling will file a lawsuit so this will not be over anytime soon, but at least the NBA is taking as strong of a stand as possible (even if it is one commissioner too late).
_________________
↑↑↓↓←→←→BA
|
|
pilight
Joined: 23 Sep 2004
Posts: 66910
Location: Where the action is
Back to top |
| Posted: 04/30/14 12:27 pm ::: |
Reply |
|
| justintyme wrote: |
Sacramento Kings owner Vivek Ranadive expects 29-0 vote to force Sterling to sell.
Of course, it's very likely that Sterling will file a lawsuit so this will not be over anytime soon, but at least the NBA is taking as strong of a stand as possible (even if it is one commissioner too late). |
If he sees that he's going to have to give it up anyway, he may try to sell it ahead of the vote.
_________________
I'm a lonely frog
I ain't got a home
|
|
justintyme
Joined: 08 Jul 2012
Posts: 8407
Location: Northfield, MN
Back to top |
| Posted: 04/30/14 1:15 pm ::: |
Reply |
|
| pilight wrote: |
| justintyme wrote: |
Sacramento Kings owner Vivek Ranadive expects 29-0 vote to force Sterling to sell.
Of course, it's very likely that Sterling will file a lawsuit so this will not be over anytime soon, but at least the NBA is taking as strong of a stand as possible (even if it is one commissioner too late). |
If he sees that he's going to have to give it up anyway, he may try to sell it ahead of the vote. |
Supposedly this guy is super litigious, and based upon his comments and past history seems to be fairly narcissistic on top of racist. This is the type of person I could see fighting it just to fight, and because he doesn't like losing/being forced to do something.
_________________
↑↑↓↓←→←→BA
|
|
|
|
