Sterling Drops Lawsuit, Selling Clippers

    LOS ANGELES, CA - MAY 05:   Los Angeles Clippers owner Donald Sterling stands on the sidelines before the game with the Memphis Grizzlies in Game Three of the Western Conference Quarterfinals in the 2012 NBA Playoffs on May 5, 2011 at Staples Center in Los Angeles, California. The Clippers won 87-86 to take a two games to one lead in the series.  NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement.  (Photo by Stephen Dunn/Getty Images)

    Stephen Dunn/Getty

    Embattled Los Angeles Clippers owner Donald Sterling will sell the team to former Microsoft CEO Steve Ballmer and drop his $1 billion lawsuit against the NBA, his lawyer announced Wednesday. According to the attorney, Sterling “has made an agreement with the NBA to resolve all their differences.” In addition, he will sell the team for a record $2 billion in a deal negotiated by his wife, Shelly. Sterling had sued the NBA last week saying it used information from an “illegal” recording, and that the league had engaged in a breach of contract by fining him $2.5 million for his racist tirade. The sale to Ballmer must still be signed off on by other NBA owners.

    Read it at CBS News