(CNN) -- The Clippers have been sold.
Donald Sterling's estranged wife, Shelly Sterling, confirmed media reports that she has signed a binding contract to sell the basketball franchise to former Microsoft CEO Steve Ballmer for $2 billion.
The sale will have to be approved at a NBA Board of Governors meeting.
Shelly Sterling praised Ballmer's purchase.
"We have worked for 33 years to build the Clippers into a premiere NBA franchise," she said in a news release. "I am confident that Steve will take the team to new levels of success."
If the deal goes through, it would be the largest sum paid for an NBA franchise. Last month, the Milwaukee Bucks, a bad team in a small television market, sold for $550 million.
Ballmer is worth $20 billion, according to Forbes magazine.
" I love basketball. And I intend to do everything in my power to ensure that the Clippers continue to win -- and win big -- in Los Angeles," Balmer said in a news release.
CNN's Brian Todd, Steve Almasy and Kevin Wang contributed to this report.
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