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The NBA and the Sterling family reached an agreement Friday that cleared the way for the Los Angeles Clippers to be sold to Steve Ballmer, the league announced.
The league will drop its pending charge to terminate the team's ownership and the Sterlings have agreed not to sue the NBA. The vote scheduled for Tuesday in New York, which could have terminated the team's ownership by a three-fourths vote and turned the asset over to the league for sale, has been canceled, the NBA said.
In addition, "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," the NBA said.
Shelly Sterling's agreement to sell the team to Ballmer, the former Microsoft CEO, for $2 billion, is now subject to approval by the NBA's Board of Governors. The transaction requires a three-fourths vote to pass.
The legal settlement between the NBA, Shelly Sterling and the family's trust marks a presumed end to one of the ugliest periods in NBA history. Donald Sterling, owner of the Clippers since 1983, was banned for life by commissioner Adam Silver on April 29 after an audio recording of his racially derogatory statements became public.
In addition to banning Silver for life, Silver urged the NBA Board of Governors to initiate a charge to terminate the team's ownership -- which it did. Donald Sterling's attorneys responded May 27 with a 32-page rebuttal and said the 80-year-old owner planned to "fight to the bloody end."
Meanwhile, Sterling's wife, Shelly, negotiated a sale of the team to Ballmer -- who has chased NBA ownership for years -- for a price that is more than four times the record for an NBA franchise. In the past 24 hours, Donald Sterling has reportedly been found by experts related to the family trust to be mentally incapacited -- assertions his lawyers have called "absurd." On Friday afternoon, Donald Sterling's attorney, Max Blecher, told multiple news outlets that he planned to sue the NBA for $1 billion.
The sale of the Clippers was becoming the messiest $2 billion transaction in sports history. Friday's settlement put at least a ceremonial end to a saga that has damaged the NBA's reputation, caused sponsors to flee and overshadowed one of the league's best playoffs in years.
The NBA's complete statement:
The NBA, Shelly Sterling and the Sterling Family Trust today resolved their dispute over the ownership of the Los Angeles Clippers. Under the agreement, the Clippers will be sold to Steve Ballmer, pending approval by the NBA Board of Governors, and the NBA will withdraw its pending charge to terminate the Sterlings' ownership of the team.
Because of the binding agreement to sell the team, the NBA termination hearing that had been scheduled for June 3 in New York City has now been cancelled. 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.
Before joining CBSSports.com, Ken Berger covered the NBA for Newsday. The Long Island, N.Y., native has also worked for the Associated Press and can be seen on SportsNet New York. Catch Ken every Saturday, when he hosts Eye on Basketball from 6-8 p.m. ET on cbssportsradio.comBasketball Hot News
Reports: Tyronn Lue, Lionel Hollins Alvin Gentry all interview with Cavaliers
The Cleveland Cavaliers coaching search — read: their effort to find someone who can get Kyrie Irving and their future No. 1 pick to be the cornerstones of a contender — keeps moving right along.
The team interviewed three candidates this week according to multiple reports — Tyronn Lue, Lionel Hollins and Alvin Gentry.
That is in addition to Chicago Bulls assistant Adrian Griffin who interviewed with the team earlier this week.
Jason Lloyd of the Beacon Journal breaks down Lue and Hollins.
Lue is a former journeyman who played on seven teams during 11 seasons in the NBA. Immediately after retiring, he joined Doc Rivers’ staff with the Boston Celtics, then Rivers took him to Los Angeles before this season.
Hollins, 60, is also a former All-Star and champion as a player who coached the Memphis Grizzlies to 56 wins and guided them to the conference finals last year before his contract was not renewed.
Alvin Gentry works with Lue on Rivers’ staff in Los Angeles — he was the guy primarily in charge of the Clippers’ league-best offense. Previously he was the head coach of the Suns and Clippers.
Cavaliers GM David Griffin is in charge of the process, which is expected to continue for a couple more weeks.
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