Instead the embattled Mr Sterling will pursue his $1bn (£595m) federal lawsuit against the NBA, his lawyer said.
“From the onset, I did not want to sell the Los Angeles Clippers,” the 80-year-old Mr Sterling said.
The sale was negotiated by his estranged wife Shelly Sterling, co-owner of the franchise, after Mr Sterling’s racist remarks to a girlfriend were publicised and the NBA banned him for life.
But he says in his lawsuit that the league violated his constitutional rights because the racist remarks came from an “illegal” recording that publicised comments he made to a girlfriend.