Ted Leonsis Takes Over Sole Ownership of the Washington Wizards

March 26th, 2010 by Matthew Brown Leave a reply »
Ted Leonsis, owner of the Washington Capitals and Mystics, has agreed to become the owner of the Washington Wizards. Talks had been ongoing between Leonsis and the Pollin family since the death of owner Abe Pollin last November.

The deal saw Leonsis paying $170 million for the remaining 56 percent of the team and the Verizon Center, which are valued at $550 million.

The Wizards are in last place in the Southeast division, and if there is one thing Leonsis knows, it is rebuilding teams the right way.

Leonsis bought a 44 percent share in the Wizards when he bought the Capitals in 1999. The Capitals were one of the worst teams in the NHL before Leonsis took a proactive approach to fixing the problems. By the 2003-2004 season, the team parted with high-priced free agents like Jaromir Jagr and Robert Lang in favor building a team from the ground up.

Three years and a lockout later, the Capitals own the best record in the NHL and have high hopes of winning the Stanley Cup this year.

The hope is that Leonsis will take the same approach to the Wizards that proved so successful with the Capitals. The cost-cutting has already been ...

Read Full Article at Bleacher Report - NBA
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