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Report: Donald Sterling meets with Clippers buyer Steve Ballmer

07.22.14 at 9:10 am ET
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Clippers owner Donald Sterling met with former Microsoft CEO Steve Ballmer Monday afternoon to discuss the imminent $2 billion sale of the team, according to ESPN.com.

The two men reportedly had a “friendly conversation” at Sterling’s Beverly Hills home. It was their first meeting in person since Ballmer negotiated the sale with Shelly Sterling on May 29.

The original agreement called for the sale to close by July 15, with a possible extension to Aug. 15. If a deal still is not finalized by Sept. 15, the NBA has the option to resume termination proceedings and sell the team itself.

Sterling had initially been preparing to file a new suit in state court Monday morning. One potential explanation for his change of heart may be overwhelming debts he needs the money to pay off.

Darren Schield, chief financial officer of Sterling’s properties, said Monday that the owner may be forced to sell a chunk of his real estate empire to cover $500 million in loans if he doesn’t sell the Clippers.

Schield testified Monday that three banks are set to recall loans to Sterling because of his decision to dissolve The Sterling Family Trust.

If Sterling has to sell $500 million worth of apartment buildings it could destabilize the Los Angeles real estate market, according to Schield.

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