By Brian Ives
Even billionaires don’t always get what they want.
Music industry mogul Jimmy Iovine is about to get a big payoff for selling Beats Audio to Apple, but it looks like a bid he was involved with to purchase the NBA’s Los Angeles Clippers was not a success.
Iovine was part of a group that also included fellow industry heavyweight David Geffen, Oprah Winfrey and Steve Jobs’ widow, Laurene Jobs. According to CBS News, they were outbid by former Microsoft chief executive Steve Ballmer, who purchased the team from Shelly Sterling for $2 billion.
Related: Apple to Buy Beats for $3 Million
ESPN reported that Sterling and Ballmer signed the final papers of the sale shortly before midnight Thursday at the offices of her Los Angeles-based attorneys. Sterling announced she was acting under her authority as the sole trustee of the Sterling family trust, which owns the Clippers.
However, CBS News reports Shelly Sterling’s team is making an effort to have Donald Sterling declared mentally incapacitated, which according to the rules of the Family Trust would give her sole authority to make the sale, but she may not be in the clear on that just yet. Her representatives would not comment publicly on that matter, but Donald Sterling’s attorney Maxwell Blecher told CBS News he had “no court order declaring Mr. Sterling mentally incompetent.”
CBS quoted another one of Donald Sterling’s attorneys, Bobby Samini, who said Sterling is “not selling the team. That’s his position. He’s not going to sell.”