LA Clippers Sold to Former Microsoft CEO Steve Ballmer for $2 Billion (Updated)

LA Clippers Sold to Former Microsoft CEO Steve Ballmer for $2 Billion (Updated)

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The bid sets record price for an NBA team

Former Microsoft CEO Steve Ballmer has outbid competitors to purchase the Los Angeles Clippers from disgraced owner Donald Sterling for a record $2 billion.

The bid exceeded a $1.6 billion offer from a group including David Geffen, Larry Ellison, Oprah Winfrey, Laurene Jobs and the Guggenheim Group, as well as a $1.2 billion bid from Los Angeles-based investors Tony Ressler and Steve Karsh. Geffen confirmed to TheWrap that his group's been had been withdrawn as of late Thursday.

Also read: Donald Sterling Sent Letter to NBA Allowing His Wife to Negotiate LA Clippers Sale

Individuals with knowledge of the situation said Shelly Sterling agreed to the sale, but Donald must still sign off on it. The final deal could close as early as Friday.

The NBA Board of Governors is set to meet June 3 to discuss stripping the Sterlings of their ownership of the team, following leaked recordings last month in which Donald Sterling made remarks disparaging African-Americans.

Ballmer, who retired from the chief position at Microsoft in February, has a reported net worth of $20 billion and did not initially seek partners for the offer. According to Forbes, the 58-year-old tech giant made an initial bid of $1.8 billion early on Thursday.

Also read: Donald Sterling Vows to Fight the NBA's Proposed Forced Sale of the Los Angeles Clippers

The $2 billion dollar offer dwarfs the previous NBA team sale record of $550 million for the Milwaukee Bucks set in April 2014.

Representatives from the NBA and Clippers did not immediately respond to TheWrap‘s request for comment.