The sale of the Los Angeles Clippers by Donald and Rochelle Sterling to former Microsoft CEO Steve Ballmer was approved by the NBA Friday. The $2 billion price for the basketball team ties the $2 billion Guggenheim Baseball Management paid for the Los Angeles Dodgers and the baseball team’s stadium two years ago (the acquisition of nearby real estate pushed up the total enterprise value of the deal to $2.3 billion). But based on a multiple of revenue, the price being paid for the Clippers is way, way above any team transaction. Ballmer is paying over 15 times revenue for the Clippers, nearly twice the multiple. Now I wonder who does that nowadays.
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