Sterling admitted making a terrible mistake and hoped he is given a "second chance."
"I'm not a racist. I made a terrible mistake," Mr Sterling told CNN. "I'm here to apologise."
This is Sterling's first comment since he was banned for life from basketball related activities.
Sterling said he was set up by those who recorded the comments.
"When I listen to that tape, I don't even know how I can say words like that," he said. "I don't know why the girl had me say those things."
He expressed hope that other NBA owners will let him retain his role in his team even as the BBC reports that the National Basketball Association (NBA) has started the process to remove him as owner of the LA team.