FORTUNE — Richard Parsons has led financial and media giants. Now it looks like he’s hoping to get an NBA championship ring.

The NBA has named the former Citigroup chairman and Time Warner CEO temporary CEO of the Los Angeles Clippers. The move follows NBA Commissioner Adam Silver’s decision to ban Clippers owner Donald Sterling for life after recordings of Sterling making racist comments were made public last month.

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

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Parsons is a senior advisor at Providence Equity Partners. He also is on the board of directors for the Commission on Presidential Debates. He isn’t new to the world of competitive basketball, having played at the collegiate level at the University of Hawaii in the 1960s.

The NBA statement did not indicate how long Parsons would serve in the post. In his press conference announcing Sterling’s ban, Silver indicated that the NBA would like to find a new owner for the team, but it remains to be seen what potential court actions Sterling till take. It was reported yesterday that Sterling’s estranged wife Shelly intends to fight to keep her ownership stake.

“Like most Americans, I have been deeply troubled by the pain the Clippers’ team, fans and partners have endured,” said Parsons in a statement. “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.”