Sterling Family Trust Completes $2 Billion Sale of Los Angeles Clippers to Steve Ballmer

August 12, 2014Article
Greenberg Glusker Press Release

Closing of transaction officially transfers ownership of NBA franchise

Greenberg Glusker today announced the consummation of the historic sale of the Los Angeles Clippers basketball franchise by The Sterling Family Trust to former Microsoft CEO Steve Ballmer.

The $2 billion transactions closed earlier today after Los Angeles Superior Court Judge Michael Levanas issued his formal ruling that Shelly Sterling had properly removed her husband Donald Sterling as co-trustee of the Trust and that the sale could be completed.  The ruling followed an eight-day trial in July handled by a Greenberg Glusker trial team led by Pierce O’Donnell.

Greenberg Glusker’s deal team was led by Managing Partner Bob Baradaran, corporate attorneys Aaron Gafni, Richard Hong, Joel Weinstein, Benjamin Alexander, Richard Sweet, and Christopher Pierson, real estate attorneys Henry Finkelstein, Joshua Bird and Cherish Hollowed, tax attorneys Gary Kaplan and Lora Cicconi, intellectual property attorney Jesse Saivar, and employment counsel, Olivia Goodkin.

The Firm’s trial team included Pierce O’Donnell, Bert Fields, Stephen Smith, Aaron Moss, Matthew Falley, Caroline Heindel, James Molen, Daniel Stone, Steven Stein, and Elizabeth Sbardellati, and trust and estate lawyers Laura Zwicker, Marc M. Stern, Stefanie Lipson, Brian Berman, and Megan Rivetti.

O’Donnell praised the transactional team, “This was an exceptional outcome for our client. The deal value far surpassed expectations, and was achieved by drawing upon the Firm’s many disciplines while navigating challenging issues in the courts and the media.”

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