Former Microsoft CEO Steve Ballmer on Friday confirmed his $2 billion bid for the Los Angeles Clippers, setting a record price for sports team sales and potentially resolving part of the legal battle brewing between the National Basketball Association and disgraced franchise owner Donald Sterling. The offer won approval from the league after Ballmer said in a statement that NBA Commissioner Adam Silver worked "collaboratively" with him throughout the bidding process.

The NBA had suggested earlier that it would endorse a sale at the right price, to an attractive buyer. Three quarters of the league's 29 other owners still need to sign off on the deal. Here, Law360 runs down the five things you need to know about Ballmer's bid.