Bank of America lined up $2bn offer for Los Angeles Clippers

Basketball hoop

Brian Moynihan’s got game.

The New York Post reports that the Wall Street chieftain’s Bank of America lined up a $2bn offer for the Los Angeles Clippers in near-record time after the NBA threw down an ultimatum to embattled owner Donald Sterling.

Just three days after Sterling’s wife Shelly hired the bank to shop the team, the Clippers had a binding offer from Microsoft billionaire Steve Ballmer in hand.

Typically, the sell-side investment bank gets 2% of the deal price, or $40m in the case of the Clippers. Not bad for less than a week’s work.

NBA Commissioner Adam Silver said he would push the league’s other owners to force a sale if the Sterlings failed to find a buyer by a June 3 deadline.

To access the complete New York Post article hit the link below:

Bank of America scores win with $2B Clippers Sale 

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