Former Microsoft CEO Steve Ballmer has signed a binding agreement to buy the Los Angeles Clippers for $ 2 billion from the Sterling family trust , a source familiar with the situation told CNN on Thursday night . A second source , who was familiar with the negotiations , confirmed the terms to CNN . The sale , negotiated by Shelly Sterling -- co-owner with estranged husband Donald Sterling -- will have to be approved at a NBA Board of Governors meeting . It was unclear whether a meeting set for Tuesday will go on , given Thursday 's developments . And the sale still may have to be approved by Donald Sterling , according to earlier comments by his attorney . Maxwell Blecher told CNN earlier that his client would have to consent to a sale and wants to be vindicated by the NBA , which is in the process of terminating the Sterlings ' ownership in the team for racist remarks Sterling made in an audio recording released online in April . The NBA has damaged Sterling 's reputation , Blecher claimed in a lengthy interview with CNN 's `` The Situation Room . '' `` They know he is not a racist , '' he said . Blecher said Sterling is troubled by the charges of racism . He thinks of himself as an exemplary owner with a 33-year history of supporting the African-American community , Blecher said . `` He wants to be vindicated . He does n't want his tombstone to say , 'Here lies Donald Sterling , racist . ' And the NBA has the power to make that right , '' Blecher said , without saying what Sterling wants the league to do . CNN reached out to Blecher for comment on news of the sale , but did n't immediately hear back . Blecher said earlier that Sterling had no interest in selling the team , rather than passing it down to his heirs . When reminded that Sterling would make a huge profit on a sale , even after capital gains taxes , Blecher it should have been the billionaire businessman 's decision when to part with the team . It 's not about money , he said . In April , NBA Commissioner Adam Silver banned Sterling , fined him $ 2.5 million and prompted the league 's other 29 owners to begin proceeding to strip the longtime owner and his wife of the team . Sterling is considering suing the NBA if he does n't get the resolution he wants . Blecher said they were n't in a rush to file the lawsuit and were waiting in part in deference to Shelly Sterling as she negotiated the sale . Biggest NBA deal ever . Ballmer is worth $ 20 billion , according to Forbes magazine . Another source said Ballmer 's offer earlier Thursday was $ 1.8 billion and Shelly Sterling was hoping to get a price that `` started with a two . '' A group that included media moguls David Geffen and Oprah Winfrey also made a bid of $ 1.6 billion , the source told CNN . If the deal goes through , it would be the largest sum paid for an NBA franchise . Last month , the Milwaukee Bucks , a bad team in a small television market , sold for $ 550 million . But the Clippers are in the second-largest market in the league , albeit one they share with the Los Angeles Lakers , one of the most popular teams in professional sports . The Clippers , however , have been more successful in recent seasons , including this one that ended in the second round of the NBA playoffs . They also have stars Blake Griffin and Chris Paul . And their TV contract reportedly will expire in 2016 and could mean billions to the owner . The purchase would have to be approved by 75 % of the NBA 's 30 owners . Last year they denied a sale to a group that included Ballmer that would have resulted in the Kings moving to Seattle , after the league 's relocation committee recommended keeping the team in Sacramento . Ballmer , who attended several Clippers playoff games , told the Wall Street Journal earlier this month he would not move the team from Los Angeles . Donald Sterling has been the controlling owner of the Clippers since buying the team in 1981 for $ 12 million . Sterling 's wife : We 're just business partners . Source : Clippers draw as many as five bidders .
Second source confirms terms of the proposed sale . Donald Sterling 's lawyer earlier said he would have to consent to a sale . Sterling is upset because NBA knows 'he is not a racist , '' attorney says . Board of Governors would have to approve sale of team .