Sorry but he does deserve it taken away. His own team hates him. He's making these remarks AS a team owner for the NBA. NBA is also a private organization. They have a 0 tolerance for such behavior. Be kinda like if you work for some big name company, and you say some racist stuff, and your boss finds out about your racism, the boss can say "I don't want a racist working here, or having anything to do with my business" and fire him. And they are perfectly justified in doing so.
Sterling was banned for life from NBA games, and amongst that ruling, it was also declared he was to have no more privileges in regards to the workings of any NBA team, or anything to do with NBA politics for the rest of his life. The team itself, hates him, and if they aren't taken out from under him, then the team will split up and find another team to play for, leaving LA without an NBA team. THAT is bad for business. So in this regard, owning a team isn't a right. It's a privileged. And he's lost that privilege, the moment his boss, the NBA itself, basically fired him and banned him for life.
Instead, like some spoiled kid, he's refusing to pay the fine, he's refusing to sell the team as ordered, and so the NBA is doing what it has every right to do. If an employee refuses to return property, then the business can take legal means to retrieve said property. In this case, since he was refusing to sell a team that is part of the NBA organization, they strip him of his ability to sell the team. Hell they were being fair, giving him a chance to make money off the team. But now, he's blown that chance so they turn to his wife who wants to sell it, grant her all rights, and now all that's left is for the majority vote to approve the sale. Now he's throwing another fit because he isn't getting his way, suing for $1 billion. A lawsuit I feel will be laughed right out of the courtroom.
Right now sterling wants attention. And rather than just fade himself out of the public eye, he is doing everything he can to keep himself in the spotlight. He is deserving everything he is getting. NBA has fired him, banned him, and declared they will not have him make any decisions with regards to NBA politics. And who does he have to blame? Himself. I feel no pity for him. And it would be better for him to just follow Paula Deen's example, and just quit while the going is good.