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NBA 'withdraws charge to strip Sterling of ownership'

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.