Steve Ballmer has agreed to purchase the LA Clippers for $2 billion

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.