Sterling to start charity with stake in NBA's Clippers: source
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[June 10, 2014]
By Eric Kelsey
LOS ANGELES (Reuters) - A charitable
foundation to be run by Los Angeles Clippers co-owner Shelly Sterling,
whose estranged husband, Donald Sterling, is being forced to sell the
NBA team after making racist remarks, will have a stake in the
franchise, a source close to negotiations said on Monday.
The foundation can have up to a 10 percent share in the team, the
source said. It will be co-chaired by Shelly Sterling and former
Microsoft Corp Chief Executive Steve Ballmer, who has agreed to buy
the team from Sterling for $2 billion.
"Those who will benefit (from the foundation) will be abused and
battered mothers, underprivileged children and particularly those in
urban, minority communities," the source said.
The foundation, which has yet to be named, will play no part in team
operations, according to the source, adding Ballmer had the option
to take over 100 percent of the foundation on Shelly Sterling's
In April, Donald Sterling, 80, was banned for life by the National
Basketball Association and fined $2.5 million after a tape recording
of disparaging remarks he made about black people was leaked to the
celebrity news website TMZ.com.
The remarks, released during the Clippers' playoff run, provoked a
wave of public outrage, resulting in sponsors severing ties with the
team and players considering a boycott. Most NBA players are black.
Donald Sterling has said his remarks to a "lover" were part of a
jealous quarrel that was illegally recorded under California law.
NBA Commissioner Adam Silver, speaking before Game 2 of the NBA
Finals in San Antonio on Sunday, said he encouraged Shelly Sterling
to put a portion of the sale proceeds into a foundation she would
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"It will not be a Clippers foundation, it will be a Shelly Sterling
foundation or some other name she chooses," Silver said.
The foundation will not be subject to approval by NBA owners when
they vote on approving the sale of the Clippers to Ballmer, the
Donald Sterling's attorney, Maxwell Blecher, declined to comment on
Shelly Sterling gained control of the family trust that owns the
Clippers last month after neurologists deemed that her husband had
(Reporting by Eric Kelsey; Editing by Peter Cooney)
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