-
5/21/2018 Project Claret - Los Angeles Clippers Valuation
1/11
I C C
M 25, 2014
043-001
-
5/21/2018 Project Claret - Los Angeles Clippers Valuation
2/11
-
5/21/2018 Project Claret - Los Angeles Clippers Valuation
3/11
-
5/21/2018 Project Claret - Los Angeles Clippers Valuation
4/11
C
BA:
: / , NBA ,
(D )
N 2012
I (.. NBA C )
NBA
H
C:
D
2
L 3 20 100
NBA $60
2 LMA
L
/
LA N (D / C N / NFL ,).
N (.. , , .)
J 2013 ?
, ,
C
043-004
-
5/21/2018 Project Claret - Los Angeles Clippers Valuation
5/11
C F D
A F BA EE '14 E '14
A.(1)
+ A.(1)
G A $38.9 $56.6 10% $62.3 $62.3 62.3
L C 20.6 24.6 5% 25.8 125.0 125.0
15.4 21.9 10% 24.1 24.1 24.1
$74.9 $103.1 $112.2 $211.4 $211.4
NBA 38.4 50.2 5% 52.7 52.7 112.7
$113.3 $153.3 $164.9 $264.1 $324.1
E '12 E '13
NBA N /C
. $30
. A
N
$1,250
10
C CE '14
3
: D .
(1) A 2014 ( ) .
EBIDA 13.8 18.4 19.3 118.5 178.5 12.2% 12.0% 12.0% 44.9% 55.1%
: 55.0 74.6
EBIDA ( ) $68.8 $93.0 $100.0 $199.2 $259.2
. 60.7% 60.7% 60.7% 75.4% 80.0%
A
043-005
-
5/21/2018 Project Claret - Los Angeles Clippers Valuation
6/11
(D M)
D
$800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200
E
'14 $164.9 4.9 6.1 7.3 8.5 9.7 10.9 12.1 13.3
A. '14 E. L.(1) 264.1 3.7 4.5 5.3 6.0 6.8 7.5 8.3 9.0
A. '14 N / L(2) 324.1 3.4 4.0 4.6 5.3 5.9 6.5 7.1 7.7
4
: D .(1) E. $100 . ( 5%
).
(2) E. $100 $60 .
( 5% ).
. . . . . . . . .
EBIDA 19.3 41.4 51.8 62.1 72.5 82.8 93.2 103.5 113.9
043-006
-
5/21/2018 Project Claret - Los Angeles Clippers Valuation
7/11
-
5/21/2018 Project Claret - Los Angeles Clippers Valuation
8/11
BA F NBA ($ )
$400
$500
$600
D
8
$0
$100
$200
$300
1998 2000 2002 2004 2006 2008 2010 2012 2014
6 043-008
-
5/21/2018 Project Claret - Los Angeles Clippers Valuation
9/11
A
043-009
-
5/21/2018 Project Claret - Los Angeles Clippers Valuation
10/11
D IL M C
NBA 5.0 4.6 ,
D
. A F 2013 2013 F 500 F (F)
BA A / DA A C H(1)
H I(2)
C(3)
( )(4)
2014 2013 2012
LA 2 17.2 $ 575 $430 $324 5.6 $64,800 20 2.9
5.0 M 39 1.6 405 312 268 0.9 $73,200 6 0.8
4.6 27 2.2 550 525 300 1.3 $76,100 0 2.2
7
: F .
: C B C C ( 2011 C).
(1) 201213 201314 E (://..//////////20132014DA.).
(2) FFEC CE AD FFEC EAED A/D EDA FA CE F 2013 CA/HDA E.(3) F (://..///).
(4) A (B), 2 A ( C) (://2..///1.0//E/2013/EACHG.24).
C
L.A. .., 17.2 5.6
N C ,
C
C , A A
, ( ,
C )
043-010
-
5/21/2018 Project Claret - Los Angeles Clippers Valuation
11/11
F
U.S. MSA
Rank MSA
Population
(in MM)
Total
Teams
Population Per
Franchise (PPF)
(in MM) PPF Rank
2 Los Angeles (1) 17.2 6 2.9 1
23 Portland 2.3 1 2.3 2
24 San Antonio 2.2 1 2.2 3
25 Sacramento 2.2 1 2.2 4
26 Orlando 2.2 1 2.2 5
1 New York 19.0 9 2.1 6
7 Houston 6.1 3 2.0 7
3 Chicago 9.5 5 1.9 8
32 Columbus 1.9 1 1.9 9
D I D
8
: C B.
(1) G A A.
10 Atlanta 5.4 3 1.8 10
15 Seattle 3.5 2 1.8 11
5 Dallas-Fort Worth 6.5 4 1.6 12
17 San Diego 3.1 2 1.6 13
8 Philadelphia 6.0 4 1.5 14
9 Miami 5.7 4 1.4 15
I , LA ,
043-011