Developer Don Peebles’ the Peebles Corporation, a major African-American-owned firm that broke into the New York City real estate market last year, is among several real estate heavyweights considering buying the besieged Los Angeles Clippers.
Although the team is not technically up for sale, owner Donald Sterling might opt to sell it or be forced to do so by the NBA, amid fallout over Sterling’s recent scandal.
Peebles said he is interested in forming a group of female and minority investors to acquire the Clippers. At the right price, he said, the “Clippers are a good business opportunity.” If it goes on the block, the franchise could potentially fetch between $500 million and $750 million, Peebles told CNBC.
Los Angeles-based billionaire real estate developer Rick Caruso – along with David Geffen, Larry Ellison and Oprah – have shown interest in acquiring the team. Peebles has been vying for a bid to develop the Long Island College Hospital in Cobble Hill.
Earlier this week, Sterling was hit with a lifetime NBA ban and a $2.5 million fine after a recording of racist remarks was made public. He has also been battling cancer, ESPN reported today. [CNBC] — Mark Maurer