Former Microsoft chief executive Steve Ballmer apparently has emerged victorious in the battle to be the new owner of the Clippers, paying a whopping $2 billion for the team.
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Agreement to buy the Los Angeles Clippers for $2 billion from the Sterling family trust, a source familiar with the situation told CNN on Thursday night.
A second source, who was familiar with the negotiations, confirmed the terms to CNN.
The sale, negotiated by Shelly Sterling -- co-owner with estranged husband Donald Sterling -- will have to be approved at a NBA Board of Governors meeting. It was unclear whether a meeting set for Tuesday will go on, given Thursday's developments.
And the sale still may have to be approved by Donald Sterling, according to earlier comments by his attorney.
Maxwell Blecher told CNN earlier that his client would have to consent to a sale and wants to be vindicated by the NBA, which is in the process of terminating the Sterlings' ownership in the team for racist remarks Sterling made in an audio recording released online in April.
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Meanwhile,... ex-Microsoft CEO Steve Ballmer, has agreed to buy the Los Angeles Clippers for a record 2 billion U.S. dollars, pending approval by the NBA.
Ballmer signed a binding agreement with the Sterling family trust, led by Shelly Sterling....
But, her estranged husband and co-owner, Donald Sterling,... as well as three-quarters of the 30 NBA team owners,... must sign off on the deal for it to be finalized.
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Former Microsoft chief executive Steve Ballmer apparently has emerged victorious in the battle to be the new owner of the Clippers, paying a whopping $2 billion for the team.
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First Take's Stephen A. Smith and Skip Bayless discuss former Microsoft CEO Steve Ballmer's agreement to buy the Clippers for $2 Billion.
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According to the LA Times, Steve Ballmer, best known for his long tenure as the CEO of Microsoft, is reportedly set to purchase the Los Angeles Clippers basketball team for $2 billion. Previously, he had been tipped to bid $1.8 billion for the team. This is not Ballmer's first time basketball rodeo. He previously tried to keep the Seattle Supersonics in the city before the NBA squad moved to Oklahoma City to become the Thunder. Ballmer later tried to buy the Sacramento Kings and move them to Seattle. Ballmer has indicated that if successful in buying the Clippers, they would remain in L.A.
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The sale of the Clippers continued on its bizarre journey late Thursday night when representatives of co-owner Shelly Sterling sent out a media release that the Sterling family trust has agreed to sell the team to former Microsoft Chief Executive Steve Ballmer for $2 billion. Join us live to discuss the sale.
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The LA Times has reported that former Microsoft chief executive Steve Ballmer has won the bidding war over the Los Angeles Clippers with a bid of $2 billion.
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Watch Racist Clippers owner Donald Sterling out, ex-Microsoft CEO Steve Ballmer offers $2 bn for team video.
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What do you do when the owner of a major basketball team is revealed to be a racist? You sell the team to the boisterous and beloved former CEO of one of the biggest companies in the world. Get ready for some loud court side cheers.
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Microsoft's former CEO Steve Ballmer has reached a deal to buy the Los Angeles Clippers basketball team for $2bn (£1.2bn), reports say.
A source familiar with the negotiations told the BBC the bid was accepted, without giving further details.
Clippers owner Donald Sterling was banned from the sport for life after he was recorded making racist remarks.
The National Basketball Association (NBA) later agreed to begin the process of selling the team.The bid was reportedly accepted by Mr Sterling's wife, Shelly.
Mr Ballmer is believed to have outbid two rival groups for the team, one of which was led by media mogul David Geffen and included talk show host Oprah Winfrey.
Mr Ballmer retired from Microsoft in February, but he still owns shares in the company.
A forced sale of the LA Clippers would require the approval of three-quarters of the 30 team owners in the NBA.
But Mr Sterling could still oppose the sale in the courts, according to sports lawyers.
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