Bank of America has been retained to sell the Los Angeles Clippers, whose owners face a June 3 deadline to reach a sale agreement or risk the team being taken from them by the National Basketball Association, two people with direct knowledge of the situation said.
Bloomberg News reports that the people requested anonymity because the sale process isn’t public.
Jim Nash, a managing director at Bank of America, declined to comment. Shelly Sterling, wife of team owner Donald Sterling, said in an e-mail last night that “while no formal offers have yet been received, Shelly and the NBA are working cooperatively on the transaction.”
“Donald Sterling has authorized Shelly Sterling in writing to negotiate the sale of the Los Angeles Clippers, including his 50% ownership of the team,” O’Donnell said. “Shelly is managing the sale of the Clippers.”
The NBA has scheduled a June 3 hearing at which Donald Sterling has the right to address the other 29 owners. After that, at least 23 of the 30 owners would need to approve a forced sale.
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