- Joined Mar 13, 2004
This is GREAT news....
Washington Capitals owner Ted Leonsis and the estate of sports entrepreneur Abe Pollin have reached an agreement on a price for Leonsis to purchase the Washington Wizards and Verizon Center, overcoming the single biggest obstacle in his path to take ownership, according to several sources familiar with the negotiations.
The entire value of the team and arena is pegged around $550 million, according to sources, although the exact cost to Leonsis's group is far less than that because it owns 44 percent.
If the agreement is finalized, it would make Leonsis one of the most powerful figures in Washington business and sports. He would have control over a mid-Atlantic sports and entertainment empire spanning three professional leagues and an arena that hosts everyone from presidents to rock bands, as well as performers including the Ringling Brothers and Barnum & Bailey Circus. In addition to hockey's Capitals, he would also control basketball's Wizards and Mystics, the women's pro team.
The sources cautioned that the deal could fall apart if the sides fail to reach agreement on other, non-financial issues such as the operations of the arena in the period before Leonsis takes control. But reaching a price was critical to clearing the way for Leonsis's eventual ownership, sources said.