NEW YORK – The NBA Board of Governors has unanimously approved the sale of the Washington Wizards to Lincoln Holdings, an enterprise controlled by Ted Leonsis.

“We are pleased that the NBA’s Board of Governors has approved Ted Leonsis’s purchase of majority ownership of the Wizards from the Pollin family,” said NBA Commissioner David Stern. “The transaction signifies the end of an era and a passing of the torch into very capable hands. 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.”