(Street Life City News) As news outlets report both Donald Sterling and his wife Shelly set up legal fights to keep control of the Los Angeles Clippers, the NBA has announced Richard Parsons as the interim CEO of the franchise.

“I believe the hiring of Dick Parsons will bring extraordinary leadership and immediate stability to the Clippers organization,” said NBA commissioner Adam Silver in a statement. “Dick’s credentials as a proven chief executive speak for themselves and I am extremely grateful he accepted this responsibility.”

Parsons is the former chairman at Citigroup and Time Warner. He also served on President Barack Obama’s economic advisory team and is currently a senior advisor at Providence Equity Partners.

“Like most Americans, I have been deeply troubled by the pain the Clippers’ team, fans and partners have endured,” added Parsons. “A lifelong fan of the NBA, I am firmly committed to the values and principles it is defending, and I completely support Adam’s leadership in navigating the challenges facing the team and the league.