Donald Sterling has agreed to sell the L.A. Clippers for a record $2 billion and drop his lawsuit against the league.
Sterling was forced by the NBA to sell the team after an audio recording surfaced in which he made racist comments.
He was also fined $2.5 million.
Microsoft CEO Steve Ballmer will buy the team in a deal negotiated by Sterling's wife, Shelly.
Team owners must still approve the sale.