(RNN) – Former Microsoft CEO Steve Ballmer will be the new owner of the Los Angeles Clippers, the Los Angeles Times reports.
Ballmer won the team with a $2 billion bid, the Times reported. The $2 billion price tag is a record for any NBA franchise.
According to CNN, Ballmer and the Clippers signed a binding agreement Thursday night.
The NBA still has to approve the sale at the league's Board of Governors meeting.
The team's owner, Donald Sterling, was banned from the NBA for life in April and the league has sought to strip the team from him in the wake of racist comments made in private that were recorded and later leaked.
Sterling is the longest tenured team owner, purchasing the Clippers in 1981.
Forbes lists Ballmer's worth at $20.3 billion. He was named CEO of Microsoft in 2000 and retired in February.
Negotiations of the team's sale have been made through the Sterling family trust, controlled by Sterling's estranged wife, Shelly.
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