Privacy and free speech apply to government entities, not to ex girlfriends and basketball associations.
Privacy means that what you do with another person should remain between you two, so long as both of you keep it as such
. All bets are off when one of the individuals involved in the private activity decide to disclose what happened. The moral here is to better choose who you decide to associate with in private.
Free speech doesn't mean that you can say anything you want without consequence - it means that the government cannot be the one to bring about those consequences. Public shaming and ostracization are perfectly OK. In this case, it also happens that the statements ran afoul of NBA policy, which Sterling agreed to when be purchased the team in the first place.
Sterling isn't serving any jail time, and he's getting a giant return on investment. I don't see why the right is to up in arms over the outcome. Sterling probably got more money for the sale of the team now (due to the expediency everyone else felt to buy the team out from under him) than he probably would have putting it up for sale on his own before the controversy.