Ted Leonsis agrees on price to buy the Washington Wizards and the Verizon Center!

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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.



Link
 
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Interesting valuation. I wonder how this plays a role in the Warriors eventual sale.
 
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Damn dude is going to buy the Skins next.


550m for an NBA franchise though? Not bad.

Funny that 100m of that is Gil's.
 
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Joined Mar 13, 2004
Originally Posted by I NaSmatic I

He should tear down everything (management, coaching, players) and start fresh.
I think that's the plan....Hopefully he can rebuild the Wizards in the same way he did with the Caps.  Leonsis made some mistakes over the years (Jagr, etc...), but he learned from them.  EG has to go, Flip has to go, and just about everyone on the current roster should be axed as well.  The name "Wizards" will probably stay, but let's change the colorway up to R/W/B....that should be the first order of business.....anyways, this is the (hopefully) first step in the right direction. 
 
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he has done great things with the caps so hopefully he can have the same success in the nba.
 
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Originally Posted by DoubleJs07

Originally Posted by I NaSmatic I

He should tear down everything (management, coaching, players) and start fresh.
I think that's the plan....Hopefully he can rebuild the Wizards in the same way he did with the Caps.  Leonsis made some mistakes over the years (Jagr, etc...), but he learned from them.  EG has to go, Flip has to go, and just about everyone on the current roster should be axed as well.  The name "Wizards" will probably stay, but let's change the colorway up to R/W/B....that should be the first order of business.....anyways, this is the (hopefully) first step in the right direction. 
The only thing I really see happening immediately is Ernie getting the boot. Who's gonna replace him? I don't know
 
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Joined Mar 13, 2004
Originally Posted by Joe Cool23

Originally Posted by DoubleJs07

Originally Posted by I NaSmatic I

He should tear down everything (management, coaching, players) and start fresh.
I think that's the plan....Hopefully he can rebuild the Wizards in the same way he did with the Caps.  Leonsis made some mistakes over the years (Jagr, etc...), but he learned from them.  EG has to go, Flip has to go, and just about everyone on the current roster should be axed as well.  The name "Wizards" will probably stay, but let's change the colorway up to R/W/B....that should be the first order of business.....anyways, this is the (hopefully) first step in the right direction. 
The only thing I really see happening immediately is Ernie getting the boot. Who's gonna replace him? I don't know
Pray that Pritchard gets canned in Portland....but he's going to have a long list of suitors who would love to employ him. 
 
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