As the NBA tries to move the Los Angeles Clippers forward without Donald Sterling, the first step was to find a new CEO. It appears the search has been completed.
Hearing the NBA has settled on former Citicorp chair and Time Warner head Richard Parsons as the new Clippers CEO.— David Aldridge (@daldridgetnt) May 9, 2014
The league also announced the news.
Dick Parsons, former Citigroup chairman and former Time CEO, named interim CEO of the Los Angeles Clippers, NBA announces.— Jeff Zillgitt (@JeffZillgitt) May 9, 2014
Parsons will oversee team activities to help maintain some sort of stability as the league looks for someone to purchase the club. Parsons has a diverse background in business. He is the former chairman of Time Warner and Citigroup, and he currently is on the board of directors for the Commission on Presidential Debates and the Madison Square Garden Company. He has also held posts with Barack Obama's campaigns.
While he has no experience with basketball front offices, Parsons played basketball at the University of Hawaii. The debate over the next ownerships group continues, with Magic Johnson and Oprah among the potential buyers.
While Sterling has officially been banned from attending any NBA events, he has not yet lost his ownership of the team, since the league's owners still need to vote on whether they want to make him sell the franchise. Then, the process of finding a new owner can begin. Further complicating matters, Sterling's wife Shelly reportedly does not want to give up her 50-percent share in the team.