Donald Sterling is cutting his losses. The former Los Angeles Clippers owner is expected to drop his $1 billion lawsuit against the NBA and has signed off on selling the Los Angeles Clippers to ex-Microsoft CEO, Steve Ballmer, Sterling's attorneys tell CNN.
Last week, Sterling's estranged wife, Shelly, reportedly agreed to sell the team to Ballmer for an NBA record of $2 billion. Shelly and Donald are co-owners of the team through a family trust.
His attorneys, Bobby Samini and Maxwell Blecher, said in a written statement:
"Donald Sterling officially announces today, the NBA and Donald Sterling and Shelly Sterling have agreed to sell the Los Angeles Clippers to Steve Ballmer for $2 billion and various additional benefits. All disputes and outstanding issues have been resolved."
Last April, recordings of Donald making racist remarks in a phone conversation with former companion, V. Stiviano, leaked, where he asked her not to fraternize with black people publicly on her Instagram nor bring them to his games. This sparked outrage among the league and fans.
The NBA said that they committed a breach of contract by fining Donald $2.5 million and that it violated antitrust laws by forcing a team sale. The league will no longer fine Donald but he will remain banned for life, ESPN reports.
Read the full report here.