Steve Ballmer, former Microsoft CEO, has won a bid to buy the Los Angeles Clippers for $2 billion after embattled owner Donald Sterling was forced to sell, the LA Times reported Thursday.
Ballmer, who was chief executive of Microsoft for 14 years, was chosen over competitors that included Los Angeles-based investors Tony Ressler and Bruce Karsh and a group that included David Geffen and executives from the Guggenheim Group, the Chicago-based owner of the Los Angeles Dodgers, according to three individuals familiar with the negotiations.
The team was estimated to be worth an estimated $557 million dollars earlier this year.
According to the Times, the Geffen group bid $1.6 billion, and Ressler bid $1.2 billion.
The deal still has to be approved by 29 NBA owners, but is expected to go through as long as Ballmer agrees to not move the franchise from Los Angeles.
Ballmer states that he has no intention of moving the Clippers from Los Angeles, which has the second biggest media market in the country.