NEW YORK (TheStreet) -- After National Basketball Association Commissioner Adam Silver issued the unprecedented lifetime ban on L.A. Clippers owner Donald Sterling and $2.5 million fine, the team quickly issued a statement: "Now the healing process begins."
Commissioner Silver is being heralded -- deservedly --for his leadership in the wake of Sterling's racist statements, which remind us that bigotry exists in all levels of society. But as the Clippers family and everyone else who denounce hatred are quick to embrace the healing process, Commissioner Silver's job is far from over.
No one will be healed until a new signature appears on the paychecks of all who are employed by the Clippers.
To that end, given Sterling's litigious past and his net worth of roughly $2 billion, expect him to prolong the agony. According to Sports Illustrated, Sterling can file an antitrust lawsuit against the league if he chooses.
With the vast majority of NBA team owners supporting Silver, it appears the commissioner will get the 3/4 votes needed to force Sterling to sell the franchise, which, according to Forbes, is worth $575 million. Sterling bought the team in 1981 for $12 million; he moved the team from San Diego to Los Angeles three years later. So he's not walking away empty-handed.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV