So Donald Sterling May Need A Sale To Cover A Huge Debt

((HT: MyFoxLA))

Darren Schield, the Chief Financial Officer of the Sterling Trust, took the stand in the court proceedings today in Los Angeles and admitted in open court that the Trust needs to sell the Clippers to cover half a billion dollars in outstanding loans for other Sterling properties.

Once Donald Sterling dissolved the Trust, the banks that are holding the notes could jump in and declare the Sterlings in default of the notes.

If the Clippers aren't sold, Schield admitted that Donald Sterling would have to dump that same amount of value in apartment buildings or other Sterling properties- a move that could flush the real estate market into the toilet.

Here's the coverage from the trial today that isn't all that optimistic


Ramona Shelburne said after the trial appearances today, Donald Sterling met with possible-new owner Steve Ballmer and his estranged wife, Shelly.

I'll Buy That For A $1.60

((HT: ProSoccerTalk/Bonn))

The first thing that popped into the HQ's collective head when we saw the headline was this:
((HT: Orion Pictures))


But, it now comes forward that the former Premier League club Reading is now up for sale for a pound, but there's a catch...

And that's where the HQ lost interest and couldn't handle it with our coffers.
You have to assume the debt which is either 38-million pounds or $64-million. Majority owner Anton Zingarevich is putting up his 51-percent share that also includes paying a 3.2-million pound tax bill to Her Majesty's Revenue and Customs (HMRC) pretty quickly.

Reading was relegated from the Premier League after the 12-13 season


They finished just out of the Championship playoff play-in this last season with 71 points and a 7th-place wrap in the table.