Ted Leonsis, despite day-to-day involvement with the Wizards, wasn’t technically the owner. Thanks to the beauty of the NBA bureaucracy, the sale of the team hinged on approval from the NBA’s Board of Governors, as do all transactions of this ilk.
Well, everything is now officially official: according to the Associated Press, Leonsis’ purchase of the team (or more specifically, Lincoln Holdings’ purchase of the team) has been approved by the Board, signifying a successful ownership transition after Abe Pollin’s passing earlier in the season. The Pollin family maintained control of the team throughout ’09-’10 but the sale to Leonsis has been an inevitability for some time now.
Washington’s ready for a fresh start. With Leonsis writing the checks, John Wall in D.C., and cap space to burn, things could turn around pretty quickly for the Wiz.