Richard Parsons, former Citigroup chairman and current senior adviser at private equity firm Providence Equity Partners was named interim CEO of the National Basketball Association's Los Angeles Clippers, whose owner has been banned from the league for making racist comments.
The NBA disclosed the appointment of Mr. Parsons, who was Time Warner CEO from 2002 to 2007, in a statement.
Mr. Parsons will give up his position as a board member of Madison Square Garden Co., which owns the New York Knicks, said two people with direct knowledge of the appointment. The people were granted anonymity because the NBA didn't disclose the information in its news release. Providence has a number of sports-related investments.
The NBA earlier this month said it would appoint a CEO to oversee the franchise after banning Donald Sterling, the NBA's longest-tenured owner.
Richard Peddie, a former CEO of Maple Leaf Sports & Entertainment, which runs the NBA's Toronto Raptors and the National Hockey League's Toronto Maple Leafs, said the appointment of Mr. Parsons indicates that the NBA anticipates a difficult sales process.
“He's Wall Street,” Mr. Peddie said in a telephone interview. “The focus is going to be more on the sale process than running the team and business. It's going to be complex. It's not the American way to take the company away from someone. That usually results in a lot of rich lawyers.”