It’s spreading like wildfire that the LA Clippers may be selling to the former Microsoft CEO Steve Ballmer. While Donald Sterling has come out to say that he hasn’t signed off on any sale yet, we may have found the answer as to why.
Per @SportsTaxMan, if Ballmer pays $2B for Clippers, Sterling will pocket about $1.34B while paying govt about $662M in capital gain taxes.
— Michael McCann (@McCannSportsLaw) May 29, 2014
$2 billion is a hefty amount of money, but watching Uncle Sam take almost half of it would make anyone feel sick to their stomach, but I think the Sterlings will be able to survive off $1.34 Billion. It doesn’t appear that Sterling has too many options in this battle, so the only thing left is to wait and see if this sale really does go through.
[h/t Twitter]