December 7, 2013
WASHINGTON (AP) - The family of late Washington Wizards owner Abe Pollin says it has agreed on the "major economic terms" for selling its stake in the NBA team to Washington Capitals owner Ted Leonsis.
Pollin died in November, setting in motion what was expected to be a smooth transfer of the Wizards and the Verizon Center to Leonsis. Pollin anointed Leonsis as his heir when the two became partners in 1999. Leonsis' group already owns 44 percent of the team and the arena.
Leonsis, a former AOL executive, and the Pollins ran into some snags in talks this year. But in a statement Tuesday, Pollin's sons, Robert and James, say they and their mother, Irene, congratulate Leonsis on this "near-final step in a long negotiation."
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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