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(LOS ANGELES) — The National Basketball Association named a new CEO for the Los Angeles Clippers on Friday, with former Citigroup chairman and Time Warner chairman and CEO Dick Parsons set to take over the basketball franchise.

With NBA Commissioner Adam Silver pushing to oust Clippers owner Donald Sterling after he was caught on tape making racist comments and former team president Andy Roeser taking a leave of absence, the league named Parsons the CEO and gave him control of the team. Silver said on Friday that he believes Parsons “will bring extraordinary leadership and immediate stability” to the Clippers.

Parsons has previously served on President Obama’s economic advisory team.

Parsons said in a statement that he was “deeply troubled by the pain the Clippers’ team, fans and partners have endured.” He said he was honored to have the chance to help run the team and that as “a lifelong fan of the NBA, [he is] firmly committed to the values and principles it is defending.” Parsons also praised Silver’s handling of the Sterling situation.

Parsons will run the day-to-day operations of the Clippers.

A new recording of Sterling was released on Thursday in which Sterling claimed that the league “can’t force a person to sell property in America.”

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