Welcome to my WWW day! Make sure you check out all the great podcasts recently, would you?
Assuming reports are true and the sale goes through, this is the only way the Donald Sterling saga could have ended… One of the most popular Internet pass-times is reveling in what should happen to people as punishments. Whether it’s a local crime or some world leader who has committed wrong on an international stage, there will be countless commentators who go through various scenarios of what their version of justice might look like. It’s pretty immature and generally it’s not very creative or interesting. I saw many such conversations occur with regard to Donald Sterling, but this is the way it’s supposed to work if Steve Ballmer buys the team.
Donald Sterling’s membership in the NBA was revoked. He is no longer allowed to continue to operate that business and reap future profits and asset gains, but to think that there was any standing by the NBA or anyone else to actually confiscate his equity in the team is goofy.
So no I don’t get a sense of “justice” from Donald Sterling selling his team for massive profit, but that’s not what this is about. The justice is in his disgraced exit from the league. The justice is that some of the richest most successful people in the world ousted him from their private club. The justice is how the rest of the world will consider him and choose to deal with him on an ongoing basis until the end of his life.
That should be good enough.
As for the reported $2 billion price tag, that’s more than enough… According to those same reports, former Microsoft CEO Steve Ballmer bid $400 million more than the next highest bid. That’s insane. Ballmer is reportedly worth $15.2 billion so he can afford it, but that doesn’t mean he should afford it.
Obviously Forbes isn’t the be-all end-all in terms of true valuation of sports teams, but it’s instructive that their estimate was $575 million. Obviously the revenues and profits don’t justify a $2 billion valuation. Pro sports teams are a scarcity, so it’s reasonable that they should get an overbid when they’re sold. Still, this seems to be one crazy overbid.
At the same time, if the asset value is truly $2 billion and it won’t shrink from that valuation, then that’s exactly what the Clippers are worth, I guess. It’s just hard to believe that in a world where Sterling bought low for $12.5 million in 1981, that Steve Ballmer didn’t just buy really really high. Like probably way too high. Brian Spaeth and I were just talking about the sports valuation bubble…
Discussion of new Browns’ wide receiver contracts… While I was getting ready for my holiday weekend last week, the fine folks at Dawgs By Nature were writing about Miles Austin and Earl Bennett’s new contracts with the Cleveland Browns.
The Browns have done really well throwing a bunch of stuff to the wall hoping for something to stick. Not even including Andrew Hawkins, the Browns have committed less than $3 million to Miles Austin, Nate Burleson, Earl Bennett and Anthony Armstrong in an effort to shore up their receiving corps.
These are the kinds of tidbits that look really bad later when two of the guys are hurt and another two aren’t performing at all and the Browns still don’t have any pass-catchers, but I like it anyway. It’s a solid attempt to improve the group that included Davone Bess and Greg Little a year ago.
Now, if Josh Gordon can somehow not be suspended this year…
Last but not least, here’s my music for the weekend and it’s not new… As I’ve gobbled up new music in 2014, I kind of let some of my favorite stuff from last year slip away. This week I went back and started listening to it again, which meant Kevin Devine. That led to a loop of videos on YouTube, which led me to this really good quality video of Redbird from Houston. Love this song. Love this performance and the energy at the end of the song.
Enjoy the weekend folks!