MVP interested in buying minority stakes of L.A. Clippers
Manila, Philippines - Business magnate Manny V. Pangilinan also known as MVP, said during his speech at the 2014 Ad Summit, shown an interest in buying a minority stake of the California-based National Basketball Association (NBA) team – Los Angeles Clippers.
The team may be up for sale following the publicized racist rants its owner, Donald Sterling. Being said that, NBA Commissioner Adam Silver imposed the toughest sanctions in NBA history, banning LA Clippers owner Donald Sterling for life from the NBA and urging the board of governors to force him to sell the aforementioned team.
The real estate billionaire, Sterling, who has the longest tenure as owner in the history of NBA, bought the franchise for $12.5-million from Irving H. Levin in 1981, but the Clippers’ value now has skyrocketed to $575-million, according to Wkipedia.
However, PLDT Chairman Pangilinan has tough competitors, as Magic Johnson, Oprah Winfrey, Floyd Mayweather Jr., David Geffen, Larry Ellison, Sean Combs, Oscar de la Hoya, Rick Caruso, Matt Damon, Rick Ross are reportedly also interested in buying the NBA team franchise.
“Well, I’m interested in buying a stake in the Clippers. I mean, it’s a good team, I’m sure there will be many interested buyers in the United States,” MVP said.
MVP added “If anything, kung puwede, babakas na lang kami kasi sigurado mahal iyan (Clippers team) eh,” Pangilinan said. “What I heard is US$575 million daw, but I’m sure it will be bidded up so babakas kami kahit small amount. At least, para magka-experience.”
Furthermore, the business tycoon admitted knowing little about the L.A. Clippers other than point guard Chris Paul, who was amongst the NBA personalities Pangilinan’s brought to the country for two exhibition games during the NBA lockout in 2011.
Pangilinan, who is also head of the Samahang Basketbol ng Pilipinas, had previously considered the possibility of acquiring stakes in the NBA franchises in Sacramento and Golden State.
Manny V. Pangilinan is the CEO of Philippine Long Distance Telephone (PLDT Company), Tollways Management Corporation, and First Pacific Company Limited. He is also the chairman of Philex Mining, TV5, Metro Pacific Investments Corporation (MPIC), Meralco and amongst other companies.