The AP reports:

The family of late Washington Wizards owner Abe Pollin have agreed to the ”major economic terms” of a deal to sell its stake in the NBA team to Washington Capitals owner Ted Leonsis.

Leonsis, a former AOL executive, and the Pollins ran into some snags in talks this year. But in a statement Tuesday, Pollin’s sons, Robert and James, said they and their mother, Irene, congratulate Leonsis on this ”near-final step in a long negotiation.”

A person familiar with the negotiations confirmed to The Associated Press last month that the two sides agreed to value the franchise and the arena at slightly more than $550 million.