10 Updates

Real Estate Magnate Don Peebles Wants The L.A. Clippers

May 6 2014, 12:13pm CDT | by

The NBA’s effort to oust Los Angeles Clippers’ owner Donald Sterling from its ranks is just getting started.  Sterling has said he plans to fight any forced sale that the league believes it can...

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12 weeks ago

Real Estate Magnate Don Peebles Wants The L.A. Clippers

May 6 2014, 12:13pm CDT | by

The NBA’s effort to oust Los Angeles Clippers’ owner Donald Sterling from its ranks is just getting started.  Sterling has said he plans to fight any forced sale that the league believes it can swing with a vote of three quarters of its owners, so figure on a lot of lawyers getting involved before this thing is settled.

That hasn’t stopped speculation on the identity of the Clippers’ next owner, if and when a sale happens. Most of the speculation revolves around celebrities – Oprah, David Geffen , Floyd Mayweather . But Don Peebles, a New York-based real estate developer whose firm, Peebles Corporation, is one of the most successful black-owned businesses in the country with a commercial and residential portfolio of $4.5 billion, has his own idea of who the next owner of the Clippers should be – him.

Wealthy (the 54-year-old has been a multimillionaire since he was in his 20s after dropping out of Rutgers University to embark on his first real estate deal) and well connected (the lifelong Democrat has hosted fund raisers for Bill Clinton and Barack Obama, and contributed money to politicians on both sides of the aisle), Peebles has proclaimed his intent to form an investor group to take the Clippers off the hands of the controversial Sterling, an announcement he initially made on CNBC last week. He plans to unveil the names of others in the group in the coming weeks.

A big basketball fan who has traveled the country with his son to watch the NBA Finals in Detroit, Los Angeles and San Antonio, Peebles never particularly pursued the idea of buying a team until the fast and furious fall of Sterling sparked the sudden revelation of an opportunity. “When things got to the point of the president speaking about it, I thought I’ve got to get going,” he says.  “The attraction for me is that this is a good investment for a team that’s evolving – at the right price.”

There’s the rub. The timing for a buyer isn’t the best: after so many years as an NBA door mat, the Clippers now boast a strong team with two of the league’s more marketable players in Chris Paul and Blake Griffin. They’ve hit an upswing in the NBA’s most glamorous market just as the Lakers have nosedived. Basing estimates on the recent $550 million price tag of Milwaukee Bucks, many see the Clippers selling for $700 million to $1 billion. Peebles points out that the pure financials put the value of the club at the low end of that range, but of course competitive bidding for a major sports team in L.A. often results in a nice premium for the seller (remember the Dodgers?).

A selling point that Peebles hopes to impress on the NBA Board of Governors, which must approve a sale: that he’d make a different kind of owner, one who makes it a point to mentor players in business and in life, so that fewer of them will avoid the pitfalls that have resulted in an alarming number of them going bankrupt within a few years of retirement. Long active in efforts to introduce entrepreneurial principles to young people, Peebles’ high powered life has already resulted in friendships and/or business relationship with ex-NBAers Alonzo Mourning, LaPhonso Elli s and Grant Hill, among others. Shaquille O’Neill once bought a couple of apartments in one of Peebles’ Miami buildings. NBA rules limit how much an owner can include a player can collaborate on an outside business deal, but he figures just advising and networking can make a big difference.

“Think of what the impact would be if this league could be a long term, sustainable source of wealth,” he says.

The issue that can’t be ignored: when it comes to the NBA approving a sale, how much weight ought to be placed on the race card? Surely, introducing a black man as the Clippers’ next owner just as it’s showing Sterling the door over racist remarks makes for a tempting public relations coup for the league. Peebles acknowledges this, but thinks the angle can be overdone. “It would look good, but it could also be perceived as a cliché,” he says. “They ought to make their decision based on business.”

It’s true. When all is said and done, the most important color for the NBA is the same as for any other business: green. We’ll see how well Peebles and his group compete on that front, when and if Sterling is gone for good. “Mr. Sterling will fight to protect his interests,” he says. “But I don’t see this being protracted. I see weeks, not months or years.”

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Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was tol ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by ...
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Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the sout ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over R ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Seri ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Ba ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (Kidex) ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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