Skechers wants an LA Clippers stake

Shares fall 4% after the footwear company joins the horde of potential suitors expressing interest in buying the team.

By MSN Money Partner May 2, 2014 12:19PM
Credit: © Patti McConville/Alamy

Caption: Skechers storefront on West 34th Street, New YorkBy Ben Fox Rubin, The Wall Street Journal

Skechers USA (SKX) said it will explore acquiring an interest in the Los Angeles Clippers, adding that it's consulting with advisers about leading an investment group to take a stake in the basketball team.

The footwear company threw its name into the ring along with a bevy of potential suitors that have expressed interest in the basketball team just days after the National Basketball Association banned Clippers owner Donald Sterling for life.


"As one of the five largest athletic footwear companies in the United States and with roots deep in Southern California, we believe acquiring an interest in the Los Angeles Clippers is a natural fit for Skechers," said Skechers CEO Robert Greenberg.


The company added that it has a long association with professional sports, pointing out that American and Olympic medalist Meb Keflezighi won the 2014 Boston Marathon while wearing Skechers shoes.


Earlier this week, Oprah Winfrey confirmed that she was teaming up with entertainment mogul David Geffen and Oracle (ORCL) Chief Executive Larry Ellison for a possible bid.


A number of other well-known personalities have expressed interest in buying a stake in the Clippers this week, including boxers Floyd Mayweather Jr. and Oscar De La Hoya.


The team could fetch roughly $700 million, possibly more, people familiar with the matter have said. NBA commissioner Adam Silver recently said the NBA constitution allows team owners to force another owner to sell by a three-fourths majority vote.


The ban was in response to a recording of racist comments that the league said were made by Mr. Sterling, who acknowledged it was his voice on the tape, according to Mr. Silver.


Skechers had about $330 million in cash and cash equivalents at March 31.


More on The Wall Street Journal

Tags: ORCLSKX
4Comments
May 2, 2014 2:21PM
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The guy that owns them should just laugh and take his billions and run with it. Or do these clowns just think they are going to steal them with P/C.
May 2, 2014 4:10PM
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F U the team is not for sale.

Keep your white babies away from queen latifa.
May 3, 2014 11:51AM
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Maybe Magic can chip in with them, but I suspect he's mostly just bullshidt talk...
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