NBA, Sterling Family Trust Reach Agreement In Sale Of Clippers
As part of the agreement, the NBA will drop its pending charge to terminate the team’s ownership and the Sterlings have agreed not to sue the NBA.
Also as part of the settlement, the NBA will withdraw its pending charge to terminate the team’s ownership; the vote scheduled for Tuesday in New York has been canceled according to league officials.
Mrs. Sterling and the Trust also agreed not to sue the NBA and to indemnify the NBA against lawsuits from others, including from Donald Sterling himself.
Mrs. Sterling’s agreement to sell the Clippers to Ballmer, the former Microsoft CEO, for $2 billion, is now subject to approval by the NBA’s Board of Governors.
The sell requires a three-fourths vote to pass.
Donald Sterling, owner of the Clippers since 1983, but has now been banned for life by commissioner Adam Silver after an audio recording of him making racially derogatory statements became public.