The NBA has accepted Shelly Sterling's move to sell the Los Angeles Clippers to former Microsoft CEO Steve Ballmer, the league announced in a news release Friday evening.
The league now has canceled a June 3 hearing in which the Board of Governors would have voted on the termination of the Sterling Family Trust's ownership of the Clippers. Sterling sold the team without approval from her husband, Donald Sterling, because he was ruled mentally unfit and lost his power to control half of the trust.
The Board of Governors still must approve the sale to Ballmer, and no time frame was mentioned on that vote. Herb Kohl reached a deal to sell the Milwaukee Bucks to a group headed by Wesley Edens and Marc Lasry in mid-April, and the Board of Governors approved the sale one month later.
The full text of the news release:
"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."