League commissioner Adam Silver banned the 80-year-old from being involved in the NBA as well as handing him a $2.5m (£1.48m) fine for making racist comments.
Four-time MVP LeBron James said: "Commissioner Silver thank you for protecting our beautiful and powerful league!! Great leader!"
Golden State Warriors point guard Stephen Curry, who is currently facing the Clippers in a playoff series, wrote: "'Standing ovation' for Commissioner Silver. Big time decision standing up for the league and it's players. Now, Gotta see it through."
Meanwhile, New Orleans Pelicans forward Anthony Davis added: "I fully support commissioner Silver's decision. There is no place in our league or our society for racism."
Silver will now urge the sport's board of governors to force Sterling to sell the franchise.