Report says Donald Sterling turns over full Clippers ownership to estranged wife

Los Angeles Clippers owner Donald Sterling appeared to be keen on putting a fight against the National Basketball Association when the latter banned him for life over his publicized racist remarks. According to ESPN, Sterling reportedly agreed to allow his estranged wife, Shelly, to negotiate a sale of the sports team.

According to sources to the sports channel, Shelly and her lawyers had been in negotiations with the NBA to allow her to sell the team under both parties' terms.

Miami Heat star LeBron James believed that the latest progress to the Clippers sale saga was significant for the sports league. He told ESPN, "(It was) very important (a resolution be reached quickly). We don't want this lingering around our sport. It sucks that it happened. The players and owners and everyone associated with this game knows there's no need for it. So the quicker it gets done, the quicker we can move on. (Sterling selling the team was) the way it should be. He (Donald) shouldn't be part of this league."

TMZ, on the other hand, said that Sterling's estranged wife could sue the NBA if she was forced to a decision to sell the team. The gossip news site cited sources, who said that Shelly has the intention to seek legal action against the sports league should the latter orders a sale without acknowledging her terms.

One of her attorney's Pierce O'Donnell, left an otherwise professional response about the negotiations and said, "Shelly Sterling's preference has always been to find a way to resolve this dispute amicably with the NBA in a mutually satisfactory manner."

An ESPN source, on the other hand, said that among the issues Shelly is considering are the hefty substantial tax obligations she would need to adhere to from the sale. The sports channel said should an involuntary sale be ordered, Shelly would have to comply with Internal Revenue Service rules, which means she will be paying a federal government long-term capital-gains tax of 20%, and a 13.3% state tax.

Tags

Donald Sterling, Los Angeles Clippers sale, National Basketball Association, Shelly Sterling

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