Steve Ballmer buying LA Clippers for $2 billion

Ballmer buys ascending Clippers for $2B
Ballmer buys ascending Clippers for $2B   

Shelly Sterling says she has signed a binding contract to sell the Los Angeles Clippers to former Microsoft CEO Steve Ballmer for a record-breaking $2 billion.

Sterling confirmed the agreement made between The Sterling Family Trust and Ballmer in a statement issued late Thursday night.

The statement says she made the deal "under her authority as the sole trustee of The Sterling Family Trust, which owns the Clippers."

Read MoreSterling cedes Clippers to wife, will sell

Shelly Sterling negotiated the sale after the NBA banned her husband for life and fined him $2.5 million for making racist remarks that became public.

Ballmer said in a statement that he loves basketball and will "do everything in my power to ensure the Clippers continue to win -- and win big—in Los Angeles."

The deal would need to be approved by the NBA.

"Commissioner Silver has consistently said the preferred outcome to the Clippers proceeding would be a voluntary sale of the team," according to a statement from the NBA. "Shelly Sterling advised the NBA last night that an agreement had been reached with Steve Ballmer, and the NBA Advisory/Finance Committee met via conference call this morning to discuss these developments. We await the submission of necessary documentation from Mrs. Sterling. In the meantime, the June 3 special meeting of the NBA Board of Governors remains as scheduled."