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Experts puzzle over $2-billion bid for Clippers 

Posted on June 1st, 2014 at 10:48 by John Sinteur in category: News -- Write a comment

[Quote]:

Steve Ballmer’s $2-billion offer for the Los Angeles Clippers — nearly four times the record sale for an NBA team — has experts puzzling over how the former Microsoft chief plans to make any money on the deal.

But Ballmer, with a net worth estimated at about $20 billion, may have little need for profit. The eye-popping bid from the world’s 34th richest man underscores the explosion in tech wealth and the nonchalance with which billionaires chase trophy brands.

“This reflects an enormously wealthy person buying a toy,” said Lawrence Mishel, president of the Economic Policy Institute, a Washington think tank. “It’s not a financial investment.”

  1. Almost ALL professional sports franchises are tinker toys for the extremely wealthy.

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