Donald Sterling (and his lawyer) swears he isn’t selling his beloved Los Angeles Clippers to former Microsoft (MSFT) exec Steve Ballmer for $2 billion. But if a deal’s eventually worked out, Sterling and wife Shelly will have achieved an annualized total return of more than 15% over the past 33 years. That’s Warren Buffett-type returns.
Sports is big business these days. Once upon a time a billion dollars was a big deal. As far as I’m aware, Malcolm Glazer’s $1.5 billion purchase of Manchester United (MANU) in 2005 was the first professional sports franchise to sell for more than a billion dollars. Since then, a handful of soccer teams along with the Cleveland Browns and the Los Angeles Dodgers have been the recipients of billion-dollar deals.
It’s the price of admission today; Steve Ballmer and Donald Sterling know it.
So who are the best Wall Street Sports Owners? To qualify they must have a definitive connection to at least one or more publicly traded companies. Here are my three picks.