Yes. But....(the buts always suck.). But, he agreed to operate based on the rules of the organization. The organization has legally decided they no longer want him as a member. Certainly they cannot force him to sell. But they can kick him out of the league and his franchise would not be worth $10.
So, in short, you are correct. In reality, it doesn’t matter.
The big question: is what Sterling did something he can be disciplined for or disciplined to the extent the league desires? I can see (although I'm not a lawyer) a number of legal problems with trying to take the business away from someone on account of what that person said in a private conversation.
The NBA's problem is that they knew Sterling was a crud when he bought the team and did nasty stuff in the interim. Why didn't they discipline him then? And furthermore, what are the repercussions of destroying an owner for words he said in private? Then I guess every owner is open to having their team taken for what they may have said or done in private. One NBA owner is for old style marriage between a man and a woman. Can Jason Collins, through the league, have his team taken away? You better believe the lefties want to do something like that.