NEW YORK (Reuters) - The National Basketball Association's (NBA) Board of Governors has unanimously approved the sale of the Washington Wizards to the owners of the city's National Hockey League (NHL) team, the league said Tuesday.
Lincoln Holdings, an enterprise controlled by Ted Leonsis, will own both the Wizards and the NHL's Washington Capitals.
Leonsis's group bought the Wizards from the family of the late Abe Pollin, who owned the team for 45 years.
"The transaction signifies the end of an era and a passing of the torch into very capable hands," NBA commissioner David Stern said in a statement.
"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."
(Reporting by Gene Cherry in Raleigh, North Carolina; Editing by Clare Fallon)
Fox News First
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.