Former Microsoft CEO Steve Ballmer has won the frantic bid for ownership of the L.A. Clippers and has signed a binding agreement to pay the $2 billion price tag that Shelly Sterling placed on the NBA team.

Once the deal is finalized, the amount will be the most to ever be paid for an NBA team. Previously, the Milwaukee Bucks held that title when a record $550 million was paid for acquisition of the team.

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It is also the second largest sum to be paid for any sports team in the US, trailing just behind the Los Angeles Dodgers baseball team which went for a record $2.1 billion in 2012.

Ballmer beat out bidding heavyweights such as Oprah Winfrey and Oracle CEO Larry Ellison, according to a report released by Reuters.

Ballmer was the head of Microsoft for 14 years before stepping down recently and is reported to have a net worth of over $20 billion.

Previous Clippers owner Donald Sterling was forced to sell the team through his wife, Shelly, after racist comments he made in a telephone conversation were recorded and released to the public, prompting the NBA leadership to ban him from the league for life.

Originally, Sterling refused to sell, claiming that the NBA had no grounds for stripping him of the team for an illegally recorded 'lovers' quarrel'.

However, last week the billionaire reportedly gave his estranged wife the go-ahead to conduct the sale of the basketball franchise.

The deal won't be finalized until it receives Sterling's blessing, who as late as Thursday night still seemed unsure about relinquishing the team he has owned for the past three decades.

Furthermore, the transaction requires the approval of three-fourths of the 29 other NBA owners before it can be made official - many of whom are concerned that Ballmer might move the Clippers from LA to his hometown in Seattle.

In a recent interview the businessman did state that he has no plans of moving the team - a statement which many believe will help seal the deal.

TagsSteve Ballmer, ballmer, ballmer buys clippers, clippers sale, Sterling, Donald