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His comments were a bit bizzare and not acceptable for public consumption, but they werent meant to be - unless he knew he was being taped. While I disagree with is comments, the question of whether that should determine if he can own a business is not right. If you want to protest the guy, don't buy the merchandise or go to the games. He will eventually leave on his own. If the league wants to fine him, fine, but I really can't see how they can terminate his ownership. I also think the lifetime ban is a bit over the top and am going to be interested to see if this sticks as well. However, baseball did something similar with Marge Schott.
Source 4
However, she was only banned from day to day operations for a year and not lifetime. Her ownership was only threatened from her partners support and not MLB.
Sterling loses appeal to regain Clippers
The 2nd District Court of Appeal has ruled that Shelley Sterling properly removed her husband, former San Diego-turned-L.A. Clippers owner Donald Sterling, from a family trust that owned the team. It sold for $2 billion, a good return on its $12.5 million purchase. Ref. Source 9e