Wizards' sale to Leonsis moves closer to completion

ARLINGTON, Va. (AP) -- The family of lateWashington Wizards owner Abe Pollin has agreed to the "major economicterms" of a deal to sell its stake in the NBA team to WashingtonCapitals owner Ted Leonsis.

Leonsis, a former AOL executive, and the Pollins ran into some snagsin talks this year. But in a statement Tuesday, Pollin's sons, Robertand James, said they and their mother, Irene, congratulate Leonsis onthis "near-final step in a long negotiation."

A person familiarwith the negotiations confirmed to The Associated Press last month thatthe two sides agreed to value the franchise and the arena at slightlymore than $550 million.

Pollin died at age 85 in November,setting in motion what was expected to be a smooth transfer of theWizards and the Verizon Center to Leonsis.

Pollin anointedLeonsis as his heir when the two became partners in 1999. Leonsis'group already owns 44 percent of the team and the arena, and was giventhe right to get the first chance to purchase the remaining 56 percent.

"It'snot a 'done, done' deal, but it's fairly close," Robert Pollin said ina telephone interview Tuesday. "A signed deal should be a matter ofdays."

The NBA Board of Governors will need to approve the sale,but Robert Pollin said, "There's really no question that they will.They know Ted. ... It's a foregone conclusion they will approve it."

A representative for Leonsis' group had no comment Tuesday.

AbePollin was the NBA's longest-tenured owner, having bought the BaltimoreBullets in 1964. He renamed his NBA team in 1997 because of the violentconnotation of the word "Bullets." A builder by trade, Pollinconstructed the Verizon Center, which helped revitalize Washington'sdowntown area.

Pollin previously sold Leonsis the NHL's Capitals in 1999, and the WNBA's Mystics in 2005.

"Obviously,very sad feelings about transitioning out of it, but compared to losingmy father, it's not the same category," Robert Pollin said. "It was hisproject for most of his adult life. I was 13 when we bought theBullets."

The Wizards are coming off consecutive last-placefinishes, including a 26-56 record in 2009-10, a season marred by thesuspension of star Gilbert Arenas for bringing guns into the lockerroom.