Sterling was banned from the league for life earlier this year by new commissioner Adam Silver, after recordings of Sterling making racist remarks were made public.
The Clippers released statements from Ballmer and coach Doc Rivers.
Ballmer: "I am humbled and honored to be the new owner of the Los Angeles Clippers. Clipper fans are so amazing. They have remained fiercely loyal to our franchise through some extraordinary times. I will be hard core in giving the team, our great coach, staff and players the support they need to do their best work on the court. And we will do whatever necessary to provide our fans and their families with the best game-night experience in the NBA."
Rivers: "This is an amazing new day in Clippers history. I couldn’t be more excited to work together with Steve as we continue to build a first-class, championship organization. I am already inspired by Steve’s passion for the game, his love of competition and desire to win the right way and I know our players and fans are going to be inspired as well."
— Aaron Falk