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I was gonna write about it, but seriously, just read this: http://www.thenation.com/blog/179551/donald-sterling-slumlord-billionaire
If Sterling saying ignorant and racist things is what finally bothers some people, fine. 
It's his actual discriminatory practices and extortion and harassment of low-income folks that has always bothered me. He's been doing it forever.  He's lost multi-million-dollar judgments at least twice on it.
Sterling is a scumbag.  He should have been punished and stripped of his team for THAT stuff. I don't think you can strip him of the team for this stuff.  My guess is that at max that he'll be barred from NBA games, hit with a fine, and have to let his wife run the operations.
I dunno what the NBA by-laws are (only the owners do - it's a secret document), but I'd be very surprised if moronic, hateful speech is a reason to lose your billion-dollar investment, simply because the other owners have skeletons and wouldn't want to lose theirs that easily either.
~G