first_imgThe term sheet from that sale states that Shelly can spin 10 percent of the organization into a foundation “dedicated to benefiting children, minorities, abused women, and other causes,” and could be named The Shelly Sterling Foundation. Sterling would run the foundation, and she and Ballmer would each have the right to appoint six members to its board of directors.Sterling would not control any part of the Clippers’ management or operations. NBA commissioner Adam Silver said in a Sunday press conference that he encouraged Sterling to start a foundation with proceeds from the sale.However, Sterling must decide by Sunday whether or not to hold the 10 percent or some smaller share of the Clippers in a foundation, with that $2 billion price tag decreased accordingly. If she does not, 100 percent of the franchise will be sold to Ballmer.Ballmer also has a 90-day window to buy back the percentage upon Sterling’s death. In addition to her two titles as fan and owner, Sterling will also receive a number of lifetime perks as part of the sale agreement.She will receive a pair of courtside tickets for all Clippers games at Staples Center, including 10 tickets in section 101 or 111. She will get 12 VIP passes to each game, as well as six parking spaces in the Lot C Garage. The deal also applies should the Clippers move to a different arena.If the Clippers win the NBA title, Sterling will receive three championship rings.But the term sheet itself also conditioned in part “on the absence of injunction, restraining order or other governmental order or action” that could challenge the sale.Donald Sterling is still contesting the sale of the team he has owned since 1981. Shelly Sterling is pushing the sale by declaring herself sole trustee, citing neurologists’ findings that her husband was mentally incapacitated, a claim denied by Donald Sterling’s attorneys.Shelly Sterling’s attorneys asked a Los Angeles Superior Court judge on Wednesday to confirm her right to sell the Clippers. A hearing is set for July 7. Newsroom GuidelinesNews TipsContact UsReport an Errorcenter_img For the rest of her life, Shelly Sterling will officially be known as “Clipper’s Number 1 Fan” and “Owner Emeritus.”That was one of several stipulations in the binding term sheet the Clippers owner signed with former Microsoft CEO Steve Ballmer, one that also detailed how Sterling could spin off a portion of the franchise into a charitable foundation.The sale agreement was made public after it was submitted to the court Wednesday by Shelly Sterling’s attorneys, who are seeking confirmation of her legal authority to sell the team without husband Donald Sterling’s consent.Shelly Sterling has the option to keep up to 10 percent of the Clippers in a charitable foundation, according to the binding term sheet she signed with Ballmer. Although she is still embroiled in a legal dispute with her husband over control of their family trust — and consequently, control of the team — Shelly Sterling agreed to sell the team to Ballmer on May 29 for a record $2 billion.last_img

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