NBA approves sale of Wizards to Leonsis

NEW YORK, June 8 (UPI) -- Ted Leonsis, who owns the NHL's Washington Capitals, has received unanimous approval from the NBA Board of Governors for his purchase of the Washington Wizards.

The Leonsis-controlled Lincoln Holdings is buying the shares of the Wizards and the Verizon Center, where both the Capitals and Wizards play, from the family of longtime Wizards owner Abe Pollin.

Pollin died last November and in May his family reached an agreement with Leonsis to buy its 56 percent holding of the NBA team and arena. Leonsis already owned the rest of the interest.

"The transaction signifies the end of an era and a passing of the torch into very capable hands," NBA Commission David Stern said in a release. "We have long admired what Ted has done with the Washington Capitals in terms of sales, marketing and outreach in the community and we look forward to him bringing those skills to bear for the Wizards."

The board vote comes about two weeks before the NBA draft, in which the Wizards have the first overall selection.