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

Leonsis, a former executive at American Online, and the Pollin family ran into some issues with the sale earlier this year.

In a statement Tuesday, Pollin's sons, Robert and James, said they congratulate Leonsis on this "near-final step in a long negotiation."

The Associated Press reported last month that the two sides agreed to value the team and the Verizon Center at slightly more than $550 million.

Pollin died at age 85 in November.