I say yes.
I get what a huge precedent that would set for owners, and that might make them (justifiably) worried about such a move...but you could argue that this is just a special, extreme circumstance, and in fact it is, and not just for the reason of there being a racist team owner (that's been around forever...old Ted Yawkey of your beloved Bo Sox, bo_sox?)
This is embarrassing and detrimental to the league, it's a man the league really does not need, does not want, and to paraphrase ESPN's Michael Wilbon, there are three places in the US where you CANNOT attack or take on the African-American community like that--LA, New York, and Chicago (and I'd add DC as a 4th place to that list of his.)
You can't do that in LA. You just can't. It'd be like the owner of an LA franchise blasting Hispanics, or Jed York of the San Francisco 49ers blasting gays...hell, it'd be like blasting Jews while working in Hollywood (and how'd that work for your career, Mel Gibson?)
And you can't let that go from a business standpoint if you're the NBA--81% of the players in the league are African-American. The demographic of the league and its viewership likewise trends African-American. You cannot have an owner that says that kind of thing about African-Americans in an African-American mecca. (Entirely beside the point, I'd also say that you cannot have a JEW right now, with everything going on in Ukraine and Israel, making himself out to be a vile caricature of every racist Jewish stereotype out there...if you're Jewish, albeit for different reasons, you HAVE to want this guy gone and gone from the spotlight as quickly and as much as the African-American community does right now, you CANNOT have that kind of guy talking about "Black Jews" being inferior to "White Jews" and just...no.)
And besides the PR problem, there's the real and practical issue of a potential racial demonstration...I mean, it's not like LA's a stranger to that kind of thing.