The beleaguered owners of the Los Angeles Clippers, Donald and Shelly Sterling, have agreed to sell the basketball team to ex-Microsoft boss Steve Ballmer for $2 billion, and drop their legal action against the National Basketball association, Reuters has reported.
The National Basketball Association said that it has reached an agreement with Shelly Sterling to sell the Los Angeles Clippers to former Microsoft Corp Chief Executive Officer Steve Ballmer, pending approval of the league's owners.
As a result of the settlement, the league cancelled its June 3 hearing and vote to strip Donald Sterling of Clippers' ownership. The NBA has banned Sterling for life and fined him $2.5 million for racist remarks.
Donald Sterling, the embattled owner of basketball's Los Angeles Clippers, will sue the NBA for $1 billion (£596,801,145) in damages over the termination of his ownership, his lawyer, Maxwell Blecher told Reuters.
It is not clear when the lawsuit would be filed. His estranged wife, Shelly Sterling, said she reached a deal to sell the team to former Microsoft Corp chief executive Steve Ballmer for $2 billion.
Owners of US basketball teams have agreed to try to force the sale of the LA Clippers following the revelation of racists comments from owner Donald Sterling.
An advisory committee has agreed to "move forward" with steps to oust Mr Sterling, NBA executive vice president Mike Bass said.
The move may pave the way for a celebrity-backed bid to take over the franchise, with TV star Oprah Winfrey among high-profile figures who have expressed an interest in a buyout.
Oprah Winfrey is reportedly interested in becoming part of a group of wealthy buyers for the LA Clippers basketball team.
Talk show host and entrepreneur may join businessmen David Geffen and Larry Ellison in a bid if the current owner, Donald Sterling, is forced into a sale.
Mr Sterling has been banned from National Basketball Association games after he was recorded telling a friend not to bring "black people" to Clippers games.