The NBA has agreed to sell the Los Angeles Clippers to former Microsoft CEO Steve Ballmer and has canceled a hearing over embattled owner Donald Sterling’s termination that was scheduled for June 3.

“The NBA, Shelly Sterling and the Sterling Family Trust today resolved over the ownership of the Los Angeles Clippers,” the NBA and the Sterling Family Trust said in a statement. “Under the agreement, the Clippers will be sold to Steve Ballmer, pending approval of the NBA Board of Governors, and the NBA will withdraw its pending charge to terminate the Sterlings’ ownership of the team.”

The statement went on to say that Sterling’s estranged wife Shelly has “also agreed not to sue the NBA and to indemnify the NBA against lawsuits from others, including from Donald Sterling.”

News broke Thursday that Ballmer had agreed to pay $2 billion for the basketball team.

Ballmer had reportedly spent the past week negotiating a deal with the bankers handling the deal on behalf of Shelly Sterling.

“I am delighted that we are selling the team to Steve, who will be a terrific owner,” Shelly Sterling said Thursday. “We have worked for 33 years to build the Clippers into a premiere NBA franchise. I am confident that Steve will take the team to new levels of success.”