A charitable foundation to be run by Los Angeles Clippers co-owner Shelly Sterling, whose estranged husband, Donald Sterling, is being forced to sell the NBA basketball team after making racist remarks, will have a stake in the franchise.
A source close to negotiations says the foundation can have up to a 10 percent share in the team, which will be co-chaired by Shelly Sterling and former Microsoft boss Steve Ballmer, who has agreed to buy the team from Sterling for $2.35 billion.
Benefiting from the foundation will be abused and battered mothers, underprivileged children and particularly those in urban, minority communities.
The foundation, which has yet to be named, will play no part in team operations, according to the source, adding Ballmer had the option to take over 100 percent of the foundation on Shelly Sterling's death.
In April, Donald Sterling, 80, was banned for life by the National Basketball Association and fined $2.9 million after a tape recording of disparaging remarks he made about black people was leaked to the celebrity news website TMZ.com.
The remarks, released during the Clippers' playoff run, provoked a wave of public outrage, resulting in sponsors severing ties with the team and players considering a boycott. Most NBA players are black.