donald sterling

*(Via Yahoo Sports) – Donald Sterling, the embattled owner of the Los Angeles Clippers, has agreed to sell the team for $2 billion and will drop his lawsuit against the National Basketball Association, his lawyer, Maxwell Blecher, said on Wednesday.

Sterling, 80, has been banned for life and fined $2.5 million by the NBA for racist remarks he made in a taped recording that were leaked to the media in April. Most of the players in the NBA are black.

His estranged wife, Shelly Sterling, last week agreed to sell the franchise to former Microsoft Corp chief executive Steve Ballmer for an NBA record price of $2 billion.

Sterling sued the NBA and league commissioner Adam Silver last week for at least $1 billion in damages, alleging the NBA forced him to sell the franchise based on a recording illegal under California law.

Get MORE of this story from Reuters at Yahoo Sports.