Business & Economy

Donald Sterling agrees to sell LA Clippers, drop lawsuit

File: Los Angeles Clippers owner Donald Sterling attends the NBA playoff game between the Clippers and the Golden State Warriors, April 21, 2014 at Staples Center in Los Angeles, California.
File: Los Angeles Clippers owner Donald Sterling attends the NBA playoff game between the Clippers and the Golden State Warriors, April 21, 2014 at Staples Center in Los Angeles, California.
Robyn Beck/AFP/Getty Images

Donald Sterling officially announced Wednesday that he and his wife Shelly have come to terms with the NBA to sell the Los Angeles Clippers, NBC News reports, citing his attorney. The team's being bought by former Microsoft CEO Steve Ballmer for $2 billion.

Donald Sterling had put forward a lawsuit against the NBA for more than $1 billion, alleging the NBA violated his constitutional rights by relying on information from an "illegal" recording that publicized racist remarks he made to a girlfriend, but Sterling plans to drop the lawsuit, according to attorney Maxwell Blecher, the Associated Press reports.

Sterling "has made an agreement with the NBA to resolve all their differences" and as co-owner has given his consent to a deal that was negotiated by his wife, Shelly Sterling, to sell the team, said Blecher, according to the AP.

The sale still needs to be approved by the NBA Board of Governors. Blecher's co-counsel, Bobby Samini, says the vote by league owners is expected to take place in mid-July, the AP reports.

This story has been updated.