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Reading the First Amendment isn't going to help, because 225 years of the Supreme Court interpreting that amendment is what we're really talking about here (and I have zero faith in you brushing up on that). But here's a quick primer for you: Hate speech is protected by the Constitution. It's why the KKK can hold public rallies. It's why the Westboro Baptist Church can stage their dumb "protests". Now, the cool thing about the First Amendment is that you don't have to agree with the message that these hate groups are preaching. Also, just because you disagree with them, doesn't mean they can be punished on a city, state, or federal level, just because they offended you.
In other words, the law essentially respects peoples' right to an opinion. It's not a matter of right or wrong, or whether or not a majority of the public agrees or disagrees.
That being said, speech is NOT protected when it comes to the private sector (the NBA) or the court of public opinion (that's not a real court, just so we're clear). Donald Sterling can say whatever the hell he wants, and to anyone. However, if those comments become public (whether or not the recording was obtained legally doesn't matter, as the recordings aren't being used as evidence against him in a court of law), then he is subject to the consequences as determined by the business whose bylaws he agreed to.
