Report: Donald Sterling Agrees to Give Up the L.A. Clippers
 

:smilie_we

The Donald Sterling disaster may actually be coming to a close much sooner than anyone expected. TMZ reports that Sterling has given full control of the Los Angeles Clippers to his estranged wife, Shelly, so that she can negotiate the sale of the team with the NBA. ESPN Los Angeles's Ramona Shelburne and ABC News in Los Angeles also report that the Sterling has agreed to sign the team over to his wife, in order facilitate a voluntary sale.

According to ESPN's sources, Shelly Sterling has been in talks with the NBA for some time. If her camp successfully negotiates the sale, it would stop the legal battle the NBA is gearing up for, in its tracks. It is unclear how this will affect the upcoming owners vote to remove Sterling as owner of the team, if he agrees to sell willingly. A NBA hearing on the matter is scheduled for June 3.

full article...

You happy now?

if he would let me buy them for $50,000 yes!

No freedom of speech in america now?

at the end of every freedom lies a law. what law did he break?

pfft. I hope all the anti-racist racists are happy that an illicitly taped private phone call will cost the man a few $100 million in taxes to sell the team. That's quite the penalty for being a racist in your private life.

the nba is not part of the government! :1orglaugh:1orglaugh:1orglaugh the nba has rules for franchisees! dont follow you are done! :2 cents: for him to say such things with most of the team being black is beyond me. that middle eastern shit he talked he should be executed :2 cents::2 cents:

rules within the franchise! could you imagine if he said dont bring indians or mexicans? it would be much worse :2 cents: everyone should be able to attend. well im taking time off. racist will always try to find some kind of angle. just remember this guy refused to rent apartments based on race. later gfy see you next month.

I hope they record all owners conversation and they will end up like Sterling.

I wonder if there's anything within the rules that states if an owner makes racist comments in private that are illicitly recording by his scheming scuzzy gf, he must sell the team.

it was the instruction that fucked him over. guess you can't understand.

why make it about me? I can do that too, it's a no-brainer, here, watch, I'll make it about you.

That chip on your shoulder clouds your view of reality, else you could see the hypocrisy in the league letting the players dictate what happens.

What the fuck does any LAW have to do with being an old racist asshole? wtf is going on in this place lately.

He's a RETARD, not a law breaker. Happy now? lmfao

Yes, we finally won !

http://getdangoodman.com/wp-content/...alf-a-bird.jpg

he will make a nice profit from the sale :thumbsup

And pay close to $300 million capital gain tax

You is being rasis, he say. Better watch your back now dogg.

its worth it! he will never step foot in there again! :thumbsup maybe his ghost will :1orglaugh:1orglaugh


they are trying to make it ok for him refusing service to certain people. ok i better get going later.

Un-fucking-believable !

Here you have a guy who's employees are 75% black, who told his Black and Mexican girlfriend he doesn't care if she fucks Black guys and he's losing his business for hurting feelings over a private conversation which has labeling him a racist.

.

Sad but very true.

Exactly.

Likely no penalty but he will need to reinvest the capital gained.

That means most leagues are up for sale.

Courtesy of the Tax Accountant ...

Tax Code -Section 1033

Special tax treatment for people whose property has been stolen, appropriated by the government (i.e. eminent domain), or ?involuntarily converted.? Keyword is involuntarily.

Keeping it simple, the approach is that if you have received money because someone took your "property" or "assets" away from you, you should not have to pay taxes on it, since you did not enter into the transaction voluntarily.

not according to the tax expert who wrote the article I read about it.

specifically:

Section 1033 of the tax code provides a special tax treatment for people whose property has been stolen, appropriated by the government (e.g. eminent domain), or otherwise “involuntarily converted.”

This insight is from Robert Raiola senior manager in the Sports & Entertainment Group of the Accounting Firm O'Connor Davies, LLP. Sterling reportedly purchased the Clippers for $12.5 million in 1981. If he sold the team today, it would be worth at least $600 million, perhaps closer to $1 billion. Between federal and state capital gains taxes, Sterling would pay an approximately 33 percent tax rate on the difference between what he paid for the team and what he sold it for.

For instance, if he sold the Clippers today for $1 billion, Sterling would pay capital gain taxes of 33 percent on a gain of $987.5 million. As a result, Sterling would owe Federal & state capital gain taxes of approximately $329 million.

If instead Sterling holds onto the Clippers and some time from now passes away, his family would inherit the team. The family would inherit the team with a value pegged to its fair market value. As Raiola stresses, the new value of the team would be crucial for purposes of capital gains tax.

Here's why: if the family inherited the Clippers and then sold it, they would only pay a capitals gain tax on the difference between the value of the team when they inherited it and the value of it when sold. For instance, if the family inherited the team and it was worth $700 million and then they sold it for $800 million, they would only pay capital gain taxes on a gain of $100 million. In that instance, there would be a comparatively modest tax bill of $33 million.

If the Sterling family inherited the Clippers and simultaneously sold it, Raiola tells SI.com, they would pay no capital gains tax, but still have estate tax issues. However, a transaction could be structured whereby the employees of the Clippers organization could own a percentage of the team. In such case, the capital gain taxes on a sale could be partially or fully avoided.

I totally agree with you. This sucks for him.



But If he keeps the team; The NBA looks bad, the Clippers will surely be boycotted by fans, players, sponsors and maybe networks.


This comes down to money and who will really loose out long term.


I dont agree with the forced sale under the situation on how this tape was recorded, but there really isn't any other option.



Money, Money, money!! Thats what its all about.



Just Dave

Ok, we see Sterling is being punished. What about his girlfriend? Did she make the tape with the intention of collecting damaging evidence for her personal gain? If so why has the local District Attorney not pursued extortion charges. Fair is fair.

Checking the law, one's a felony and the other is legal.


.

Im way with you on that!! She should be jailed and sued personally. With punitive damages added.


She did this a "Fuck You" to sterling and his family.



Just Dave

I'm not sure but I don't think the DA can file charges, they have to wait for charges to be files then they press those charges? So the police would have to be involved and initiate the charges, since it's a felony crime. But I guess that just begs the question why aren't the police involved? Perhaps Sterling or someone with some power in this scenario don't want it to get any worse?

Nevertheless, she's a snake in the grass, she has a rap sheet and 7 aliases.

Becuase there's no evidence she ever tried to extort anythign from him. They could go after her for illegal wiretapping, but that what $1500 fine or something like that.

The DA isn't going after Donald Sterling either, that's where you people keep making fools of yourself. This isn't a criminal issue, being legal or not legal has nothing to do with anythiing. Its legal to smoke pot in CO, however if a NBA player smokes pot and fails a drug test he will be punished because he agreed to the terms set in the colective bargining agrreement when he signed his contract. Same as Donald Sterling agreed to the NBA by laws when he bought the franchise.

Its has nothing to do with freedom of speech, it has nothing to do with what is legal or not, it has nothign to do with how the conversation was record.. all it has to do with the NBA is a business, they are like McDonalds Corporation, yes you can buy a franchise BUT you have to agree to a franchise agreement to do so if you violate that agreement they are prefectly within their rights to take away your franchise. Which is all they are doing. (in fact Sterling already agreed that he couldn't take this issue to court based on the agreement he signed when buying the franchise... at least not the franchise termination part. He could sue the NBA on anti-trust grounds, but he woudl have easily lost that too)

wouldn't your lips get sore after 200,000 blow jobs though?

I don't think he should have been forced to sell.

But I hate basketball anyway, it's a useless sport.

1 billion to buy the team, that would be 5000.00 per blowjob :thumbsup

The voice recording was not done in secret. Sterling knew the ex-gf was recording the conversation. It was part of some sort of sexual fetish for him.

That is why Sterling has not sued the ex-gf. And that is why the DA has not brought any criminal charges against the ex-gf.

Will he give up the name Sterling and revert back to Tokowitz?

Thought not.

She agreed to negotiate the sale, BUT ONLY if she can keep a % interest.....which the league will never allow.

Mandingo United 1 - Old Jew City 0

Sterling fucked up. He should have went into the press conference and explained that it was part of sex play and he was just playing the part of humiliated cuckhold, that he was secretly into Magic banging his girl, while he watched, until it was time for him to eat her out after a few players had their way with her. He could have gone to "sex addiction" therapy and kept the team.

Seriously, freedom of speech refers to the protection of political speech.

http://en.wikipedia.org/wiki/Freedom_of_speech

Private parties don't have to listen to your shit.
They can fire you and tell you to shut the fuck up.

:1orglaugh

http://functionalcoholic.com/wp-cont...iccio1_600.jpg

:uhoh

Fire who? The OWNER? Because he said something you don't like?
:1orglaugh

He's talking about the employer firing the employee.

Don't be disingenuous.

I love how fellow blowhard racist Cuban is showing his true colors too.

I call it "Midas" syndrome. I have met a couple billionaires and they tend to think that everything that they do or say is golden, and have a pronounced tendency to think that they own people, and secretly long for a return to plantation life. Owning basketball teams is their way of indulging their Master/slave fantasy.

:1orglaugh:1orglaugh:thumbsup

Too funny!

:1orglaugh pretty sad, though.

You dont have to be billionaire to have midas syndrome,in fact some of gfy-ers suffers from it lol

I'm happy this is turning out this way. Sterling has been a lifelong racist and he's not being thrown out for this one tape. He's being thrown out for all the racist remarks and actions of his past that they weren't able to prove in a court of law or otherwise. :thumbsup