Skip to main content

Charitable foundation to spin off from Clippers sale, source says

By Brian Todd and Ralph Ellis, CNN
updated 10:23 PM EDT, Sat June 7, 2014
Steve Ballmer, the former CEO of Microsoft, appears set to buy the L.A. Clippers. Ballmer, seen here at a NBA playoff game on April 29, is not one to hide his emotions. Rather, he is known for his exuberant persona at tech events. Here's a look at some of his many mugs: Steve Ballmer, the former CEO of Microsoft, appears set to buy the L.A. Clippers. Ballmer, seen here at a NBA playoff game on April 29, is not one to hide his emotions. Rather, he is known for his exuberant persona at tech events. Here's a look at some of his many mugs:
HIDE CAPTION
The many faces of Steve Ballmer
The many faces of Steve Ballmer
The many faces of Steve Ballmer
The many faces of Steve Ballmer
The many faces of Steve Ballmer
The many faces of Steve Ballmer
The many faces of Steve Ballmer
The many faces of Steve Ballmer
The many faces of Steve Ballmer
The many faces of Steve Ballmer
<<
<
1
2
3
4
5
6
7
8
9
10
>
>>

(CNN) -- The $2 billion sale of the NBA's Los Angeles Clippers would allow for up to 10% of the price — or $200 million — to be spun off into a charitable foundation that Shelly Sterling would essentially run, a source familiar with the negotiations has told CNN.

Shelly Sterling and her husband Donald Sterling, who co-own the team, agreed last week to sell to Microsoft CEO Steve Ballmer.

The source said Shelly Sterling and Ballmer would be co-chairs of the foundation, which would target underprivileged families, battered women, minorities and inner city youths.

The source said Shelly Sterling's attorney, Pierce O'Donnell, suggested the idea to the NBA, which was receptive.

Donald Sterling bought the team in 1981 for $12 million. His recorded racist remarks to his companion, V. Stiviano, spawned outrage among pro basketball fans, players and executives. The NBA banned him from the league and terminated his ownership rights in the franchise.

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT