NBA Commissioner Adam Silver has wrapped a news conference in which he announced the NBA's punishment of Donald Sterling for controversial comments Sterling allegedly made about blacks. The Clippers owner was banned for life and fined $2.5 million. Silver also said he would urge NBA owners and the board of governors to force Sterling to sell the team. "I am banning Mr. Sterling for life from any association with the Clippers organization or the NBA," Silver said.
Sterling bought the LA Clippers in 1981 and Forbes says it would be a mistake to force him to sell now:
Sterling bought the Clippers for $12.5 million in 1981. In January we valued the team at $575 million, 13th in the 30 team league. But that valuation in tenuous given the response of the market to Sterling’s comments. The longer Sterling holds onto the team the more the market will punish Sterling. Sponsors are fleeing the Clippers.... Longer term, when the contracts of the current players end few, if any, good players will want to be part of the Clippers. It would become harder for the Clippers to sell tickets and their television audience will fall. The team’s revenue and value would plummet. A severe fine for Sterling? Absolutely. But a harsher penalty than pushing him to sell the Clippers would be letting him hang on so market forces crush the value of the team.