Sterlings Hire Bank of America to Help Sell Los Angeles Clippers

May 27, 2014— -- Bank of America has been hired by Donald Sterling and his wife to help in the sale of the NBA's Los Angeles Clippers, a source familiar with the situation told ABC News.

The NBA had banned Donald Sterling for life from all league events after an audio tape became public that caught him on tape uttering racist comments to his assistant V. Stiviano. He told her not to post photos of herself with black people on Instagram -- such as Magic Johnson -- or bring them to his basketball games.

Last week, Sterling signed the NBA franchise over to his wife Shelly, a source close to the team said.

Donald Sterling: 'I'm not a racist'

Mark Cuban Admits He's 'Prejudiced, Bigoted' in Candid Interview

ESPN reported that the NBA had charged Sterling with damaging the league with his racist comments and set a hearing for June 3, after which other team owners are set to decide the future of his ownership of the Clippers.

Donald Sterling had initially planned to fight to retain ownership, but changed his mind last week, ESPN reported.

The NBA also said the banned owner has engaged in other conduct that has impaired its relationship with fans and merchandising partners.

Read full coverage of the Donald Sterling scandal from ESPN.