07/22/2014 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
California – Debt may force Clippers owner Donald Sterling to sell his team, a witness testified on Monday. As reported by the Associated Press (AP), Darren Schield, who oversees The Sterling Family Trust finances, testified that the billionaire may be forced to sell some of his real estate properties to cover loans if he continues to refuse to sell the team.
Sterling was banned from the NBA after recordings surfaced of him making racist remarks. His wife Shelley, who has ownership in the NBA team, reached an agreement with former Microsoft CEO Steve Ballmer to sell the Clippers for $2 billion. Sterling refused to agree to the deal; however, and has since opted to dissolve the trust.
Schield testified during the probate trial that three banks may recall their loans due to Sterling’s decision.
Schield is quoted as stating, “I told him a revocation of the trust would be a breach of the loan covenants and would result in defaults… There’s huge reputation issues. I don’t know if anyone would want to go into partnership with him.”
This report is provided by Justice News Flash – California Legal News
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