Recently departed Microsoft CEO Steve Ballmer, one of the richest men in the world, has offered to buy the Los Angeles Clippers from embattled owner Donald Sterling for $2 billion according to sources cited by ESPN.
Report: Former Microsoft CEO Steve Ballmer bids $2 billion for the Clippers
Stephen Brashear
ESPN initially reported that the sale was in the works, but has since clarified that the offer has simply been made and the deal has not been finalized.
Whether Ballmer buys the team or not, a bid in this range obviously means that Sterling and his heirs will reap an enormous profit, having bought the team for $12.5 million in 1981. But as previously noted, selling the team before dying and then paying estate tax on the proceeds is dramatically more expensive for Sterling’s heirs than paying estate tax on the team and then paying taxes on the proceeds of the sale.
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