Also, someone who wants to own a piece of an NBA franchise could buy stock in Madison Square Garden, Inc., which owns the New York Knicks. In light of the $2 billion price Ballmer is paying for the Clippers, Madison Square Garden, Inc.'s current $4.1 billion market cap looks like a pretty good price for the next billionaire who wants to buy an NBA team.
Thursday, May 29, 2014
Why Oprah, Magic Johnson, and Grant Hill Should Rejoice
The Los Angeles Times is reporting that former Microsoft CEO Steve Ballmer has won the bidding to buy the Los Angeles Clippers, with a whopping price tag of $2 billion. Owners of sports franchises around the world must be dancing with glee. None of the reports indicate that Ballmer joined forces with any other investors, which would mean hopes for African-American partial ownership of the Clippers have been dashed. Considering how long it might be before Ballmer gets a return on his investment in the Clippers, perhaps Grant Hill, Magic Johnson, and Oprah Winfrey should be dancing with glee too that they did not overpay for a franchise that is not even the most popular NBA team in its own city. Here's hoping that Grant Hill will own a franchise someday at a reasonable price.
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