NBA — 22 July 2014
Debt May Force Donald Sterling to Sell Clippers

Donald Sterling’s unwillingness to sell the Clippers may drag on all summer and perhaps even in to next season. It’s not a certainty that Adam Silver and the league will be able to force a sale prior to the beginning of next season.

But in an interesting turn of events, Sterling may not have a choice. According to his financial team, via aol.com, Sterling may need to sell the team in order pay off his debts. If that’s the case, a resolution may be in order in a way no one expected.

The chief financial officer of Donald Sterling’s properties said Monday that the billionaire may be forced to sell a large portion of his real estate empire to cover $500 million in loans if he persists in refusing to sell the Los Angeles Clippers for $2 billion.

Darren Schield, who oversees the finances of The Sterling Family Trust, testified Monday that three banks are ready to recall their loans to Sterling because of his decision to dissolve the trust. His move was designed to rescind his signed agreement for the sale of the Clippers, a team he bought for $12 million.

 

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