AFP - Ted Leonsis, a former AOL executive and owner of hockey's Washington Capitals, is set to complete a takeover plan made 10 years ago and buy the NBA Washington Wizards and the arena the teams share.

Wizards owner Abe Pollin died on Tuesday at age 85, ending his NBA-longest tenure directing the club at 45 years and triggering a deal that gives Leonsis the first right to purchase the Wizards, their arena and a ticket sales firm.

The deal will enable Leonsis, a paying arena tenant with the Capitals, to become his own landlord and the only owner in US sport to own NBA, NHL and Women's NBA clubs plus the arena in which they all play.

Pollin founded the Capitals, who were purchased for 85 million dollars by Leonsis in 1999, and owned 56 percent of Washington Sports and Entertainment. Leonsis and his Lincoln Holdings partners also own 44 percent of the Wizards, arena and ticket firm. Leonsis later bought the Women's NBA Washington Mystics.

When Leonsis bought the Capitals and invested in Pollin's other holdings, it was done with an agreement that Leonsis would have the first right to buy the rest of his holdings.

"That agreement established an orderly process for conducting that transaction and it is our intention to follow that process," Leonsis said in a statement late on Tuesday.

"Now is not the time, however, to discuss that subject. Our focus should be on mourning a great man who has done so much for our city."

Neither Pollin's widow Irene nor his children had interest in running the sports teams, paving the way for the deal with Leonsis.

Shared revenue streams from NBA and NHL clubs plus the arena could bring greater profits for all components.

But the price tag figures to be several hundred million dollars. The Wizards alone were valued at 353 million dollars last year by Forbes Magazine.