NEW YORK (AP) — The NBA Board of Governors has unanimously approved the sale of the Washington Wizards to Ted Leonsis.

The board approved the sale Tuesday to Lincoln Holdings, which is controlled by Leonsis. He purchased the team from the estate of the late owner Abe Pollin.

NBA commissioner David Stern called the transaction "the end of an era and a passing of the torch into very capable hands."

Leonsis also owns the NHL's Washington Capitals.