A frenetic bidding war for ownership of the Los Angeles Clippers ended with a $2-billion offer by Former Microsoft chief executive Steve Ballmer. $20 billion net worth, Steve Ballmer is now the new owner of NBA Clippers setting a record price for an NBA team.

The sale price would shatter the previous record paid for an NBA team, $550 million for the Milwaukee Bucks earlier this month. It would be the second-highest price for a sports franchise in North America, trailing only the $2.1 billion paid for the Los Angeles Dodgers in 2012.

Although there are some legal complications regarding the transfer of ownership as Donald Sterling does not have to sign off on the agreement because he has been determined to be mentally unfit to make decisions about the family trust, which owns the team with each spouse having a 50% share. About three fourth (3/4) of the owners should sign off the contract for legal transfer.

Sterling says that the team cannot be sold until he signs off the agreement. But, as he has given the rights to sign the sale contract to his wife last week so her signature would be required in this case.

The reason of this sale was the continued racial remarks by former Clippers owner Donald Sterling which resulted in him being forced to sell the team. In April, an audio tape was found in which Sterling was giving racist comments to his gf which resulted in him paying $2.5 million fine and ban for life.

Ballmer, who was chief executive of Microsoft for 14 years, beat out other bidders that included Los Angeles-based investors Tony Ressler and Steve Karsh and a group that included David Geffen, Oprah Winfrey, Larry Ellison and executives from the Guggenheim Group, the Chicago-based owner of the Los Angeles Dodgers.