The family trust that owns the Los Angeles Clippers is in danger of defaulting on hundreds of millions of dollars in loans if a planned sale of the team doesn't go through, an executive testified Monday in a case over whether co-owner Donald Sterling can halt the sale, The Wall Street Journal reported yesterday. The trust owes at least $480 million to three banks, said Darren Schield, chief financial officer of Beverly Hills Properties, in Los Angeles Superior Court. His company manages properties owned by Sterling and his estranged wife, Shelly. Sterling revoked the trust on June 9 in an attempt to stop his wife from selling the Clippers. Schield said that he had cautioned Sterling against revoking the trust, which he added would cost $500 million in loan payoffs and other costs.
