Los Angeles Clippers Sold for $2 BILLION!!!!

The NBA has approved former Microsoft CEO Steve Ballmer's $2 billion bid to buy the Los Angeles Clippers, the league said in a statement Friday night.

The sale is subject to approval from the league's owners before it can be finalized.

Tuesday's scheduled NBA Board of Governors meeting has been canceled. Shelly Sterling had pushed to negotiate a sale before the meeting, at which both of the Sterlings' ownership interests could have been terminated.

As part of the sale agreement, Shelly Sterling and the Sterling family trust have agreed not to sue the NBA and to absolve the league of litigation by others, including Donald Sterling. There also is language in the agreement that states Ballmer will not move the team from Los Angeles, according to a source with knowledge of the deal.