Multiple bids have been submitted for the Los Angeles Clippers and are now being reviewed by Shelly Sterling and her advisers.

Shelly Sterling was previously given authority to sell the franchise by her husband Donald Sterling.

Shelly Sterling has told bidders to submit letters of interest by Wednesday, with firm offers due by 5 p.m. ET on Thursday, according to sources. It is then expected that a second round of bidding will take place this weekend, with a winning bid decided upon by Monday.

One group involved is led by music mogul David Geffen and includes Oracle CEO Larry Ellison and Oprah Winfrey. This group now also includes Guggenheim executives Todd Boehly and Mark Walter, ESPN has learned.

Billionaire and former Microsoft CEO Steve Ballmer is also said to be involved in the bidding. 

Scott Soshnick of Bloomberg reports that the Tony Ressler/Grant Hill group submitted a $1.2 billion offer.