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Par Guillaume Kagni | Journaliste sportif
Steve Ballmer, whose fortune is estimated at over $130 billion, is by far the richest man in the league. He invests heavily in his franchise, the Clippers, and has just explained why. He knows he’ll end up there one day.
The rich are about to get richer in the NBA, and they’re likely to unhinge the market. Following the announced takeover of the Lakers by multi-billionaire Mark Walter, the two Los Angeles teams will be able to count on almost infinite finances. The city already boasts the kind of favorable weather that appeals to the stars, and now there’s the business side as well.
On the Clippers’ side, owner Steve Ballmer, the richest man in American sport, never counts when it comes to spending for the good of his players. After years of sharing the Crypto.com Arena, for example, he has built a brand-new arena that is unanimously acclaimed around the league. He even drew inspiration from European soccer fans to create a volcanic atmosphere.
Steve Ballmer talks about his strategy for the Clippers
But how do you explain these massive investments that other owners don’t necessarily make? Is he throwing money at the franchise because he has too much? Interviewed by Acquired, the former Microsoft CEO offered the beginnings of an explanation. Unlike his other businesses, he knows the Clippers will never lose value, so he’s taking the opportunity to grow his baby.
Unlike Microsoft, the Clippers can’t go bankrupt. They just can’t. So it’s a much safer investment than a big company like Microsoft. For one thing, there’s limited competition in the market. You can’t just create a franchise. What’s more, the more wealthy people there are in the world, the more potential buyers there are. This purchase is like investing in art. I’d like us to make more profit, but that’s not why I’m here.
With the Clippers, I have the best market on the planet. Apart from Miami, there’s no city more attractive to NBA players than Los Angeles. From a buyer’s point of view, which city would you like to invest in? It’s exciting to live in Los Angeles. You don’t want to go to New York in the winter to run the franchise. If you’re a foreigner, you want to go to Los Angeles, it’s the same thing.
Steve Ballmer is putting so much money into the Clippers because he knows it will all come back to him at some point. When he decides to sell the franchise, he’ll be able to value his new venue, the fact of being in a market like Los Angeles, and therefore make a handsome profit. He may be passionate about his team, but he’s still a successful businessman who knows where his interests lie.
