L.A. Clippers Sale Could Create $200-Million Foundation

Former Microsoft CEO Steve Ballmer’s pending $2-billion purchase of the Los Angeles Clippers allows for a 10-percent stake in the NBA team to be spun off into the charitable foundation led by Clippers’ co-owner Shelly Sterling, the Associated Press writes, citing unnamed individuals close to the sale talks.

The $200-million foundation would be co-chaired by Ms. Sterling and Mr. Ballmer and would focus on underprivileged families, battered women, minorities, and inner-city youths, one source told the news service. Ms. Sterling brokered the prospective sale after the NBA banned her husband and co-owner, Donald Sterling, over racist remarks he made to a female friend that were recorded and became public.

The deal must still be approved by other NBA owners. Donald Sterling has yet to sign off on the sale terms and has threatened to pursue legal action against the league over his punishment for the racist comments, a lifetime ban and a $2.5-million fine.