Apparently he used the Clippers name "for his own personal gain" or something like that. He was never under Clippers payroll so they couldnt fire him.
Statement from the organization:
The next thing we heard was the baseless claims he has made today and the ensuing media rush to judgment.
We hold all of our fans in the highest esteem and we have been patient and generous with Mr. Bailey. He has not returned our support in an honorable way. He is not actually a fan of the Clippers, but a fan of what he can make off of the Clippers. We are no longer interested in that kind of association with him, and that is why we accepted his offer to remove our team name from his stage name.”
...And then they went ahead and welcomed him back. I mean you'd think Sterling would appreciate a mascot he didn't even have to pay for.
Anyway I've never been more uncomfortable in my life than when I caught this interview on TV: