Donald Sterling has agreed to surrender his stake of the Los Angeles Clippers to his wife, and she is moving forward with selling the team.
A person with knowledge of the negotiations told The Associated Press Friday that the couple made the agreement after weeks of discussion. The individual wasn't authorized to speak publicly about the agreement.
Shelly Sterling is working to resolve the dispute amicably but wants to "have meaningful control" over the transaction.
Team owners are moving forward with a vote on whether to terminate his ownership. Sterling has until May 27 to respond.
ESPN's Ramona Shelburne reported that the league had not yet accepted the arrangement.
"We continue to follow the process set forth in the NBA Constitution regarding termination of the current ownership interests in the Los Angeles Clippers and are proceeding toward a hearing on this matter on June 3.," an NBA spokesperson said Friday.
Commissioner Adam Silver banned Donald Sterling for life and fined him $2.5 million because of racist comments. The league has charged him with damaging the league and its teams.
—By The Associated Press with CNBC.