Investment bankers don't have a problem with the record $2 billion Steve Ballmer paid for the Los Angeles Clippers, but they also say it's not the new normal for sports team valuations.
"It's a very unique situation. I don't think most team sales or valuation analyses you do are like this," Morgan Stanley managing director Don Cornwell said Thursday at the Bloomberg Sports Business Summit in New York.
Cornwell said the situation was unusual because it was a team in the second-largest American city, and there is the potential for a lucrative media sale.
"I don't see people coming to us and saying, 'Hey, they're worth $2 billion, I'm worth $1.8 billion,'" Cornwell added. "'I'm not paying a Ballmer price.' That's sort of the new phrase we're hearing a lot."