Monday 21 July 2014

Exclusive: Sterling needs $2 bln sale of NBA's Clippers to pay debt

Los Angeles Clippers NBA basketball team owner Donald Sterling attends the Milken Institute Global Conference in Beverly Hills By Eric Kelsey LOS ANGELES (Reuters) - If the disputed $2 billion sale of professional basketball's Los Angeles Clippers is not completed, it could force team owner Donald Sterling to sell off some of his real estate assets to pay back debt, the executive who manages his holdings told a court on Monday. Darren Schield, the chief financial officer of Sterling's Beverly Hills Properties, testified that Sterling's attempts to block the NBA-record sale his estranged wife brokered would open the door for banks to call the real estate billionaire's $480 million in liabilities. "We would have to start selling our real estate," Schield said in Los Angeles Superior Court, adding that Sterling owns about $2.5 billion in property. "We'd have no choice." Schield was called to testify by lawyers for Sterling's wife, Shelly Sterling, who has asked a probate court to confirm her as having the authority to sell the Clippers to former Microsoft chief executive Steve Ballmer.




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