05/01/2014 01:48 pm ET Updated Jul 01, 2014

What Donald Sterling Should Say

Thank you for coming, Ladies and Gentlemen of the Press.

First, I'd like to confirm that those were my statements recorded by Ms. Stiviano.

I bear her no ill will. I do completely understand how an almost entirely black team would be greatly hurt and angered by my sentiments, and would no longer wish to work for me. I unreservedly apologize.

Here's where I must be completely honest: those words you heard weren't just mine; so were the feelings they expressed. They are feelings I have harbored a long time, that I grew up with. I have a mixture of fear and hostility toward most black people, particularly black men.

I have long known these feelings to be irrational. I could bore you with stories from childhood and upbringing that would make them a little more understandable but they wouldn't make them any more excusable. I'm sharing this information to acknowledge a point that I feel might move the general conversation forward.

Many of us who harbor negative attitudes toward other races or ethnicities, who apply a double standard to men who we find threatening and to women we find attractive, who use language in private we would never use in public: many of us know we are wrong. As the owner of a team of extremely fine black athletes who have made me a great deal of money, I recognize how fundamentally distorted these feelings were and are. They make no sense, intellectually. But at times, they overwhelm me emotionally. I won't defend them, I can't. I can just tell you that there is some truth to the fact that one can feel something one knows is wrong and still feel it. I will give you examples: jealousy, greed, insecurity, an outsized desire for power and money. All of these drives have created terrible problems for me over the years, and now, racism -- the worst of them -- is driving me from my beloved basketball.

I accept my punishment. I will sell the team and try to redeem myself by giving the money away. As for my irrational emotions, I have always thought that they were unfortunate but unchangeable. I now have an opportunity to once and for all prove that perhaps an old dog can learn new tricks. That perhaps a man can change. I intend to try.

Again I apologize profoundly to everyone.