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That is not exactly true. The NBA exists only because Congress created an exception to the Sherman Anti-Trust act to allow the league to exist. As such it is a quasi governmental organization. It is subject to many of the same rules that would apply to cities and other governmental agencies.

I suspect that the authorization for the NBA requires that owners be subject to non discriminatory rules and certain limitations on speech. Additionally the NBA probably has a morals clause that would prohibit the owner from actions or statements that might damage the reputation of the league.

Bingo. And every one of those definitions and limits can be challenged, and proper procedure can be challenged, etc. And Sterling has the money, power and motiviation to do just that, especially since they gave him that lifetime ban. Money is one thing, but they didn't want him to pay and apologize. They wanted to destroy him. But these days, people who decide to destroy other people oftentimes bite off more than they can chew, and live to regret it. The worst thing of all is they then refuse to learn from their mistakes. From that, comes catastrophe.

Of course, this could be an act and he decided to take one for the Rats, make a lot of money selling the team, and allow himself to be used to advance the "cry racism and seize property" agenda. These days I wouldn't be a bit surprised. But if he didn't agree to that, he'll fight back, on solid grounds, in both a defense and counter-suit.