The NBA has announced that it has approved Steve Ballmer's bid to purchase the Los Angeles Clippers.
The former Microsoft chief executive agreed a fee of $2bn (£1.2bn) with co-owner Shelly Sterling earlier this week, after her husband and co-owner Donald Sterling was banned for life for making racist comments.
In a statement, the league said: "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.
"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."
Ballmer's bid, which still has to be approved by the board of governors, is almost four times more than the previous highest price paid for an NBA franchise.