Ted LeonsisWashington Capitals owner Ted Leonsis pledged last night that despite an apparent negotiating rift between him and the estate of Abe Pollin, he would eventually succeed in his attempt to buy the Washington Wizards. Speaking at an event to promote his new book, The Business of Happiness, Leonsis was asked by an audience member to comment on the potential sale.
Leonsis said definitively that his company, Lincoln Holdings, would eventually own the Wizards, though he did end up softening the statement by repeatedly stressing his respect for the Pollin family. “It’s my intention and expectation that everything is going to work out fine and that it will be done the right way and that we’ll own the Caps and the Wizards and the building,” said Leonsis.
There has been little news on the potential sale since the first round of negotiations failed to produce an agreement at the end of January. Leonsis currently owns 44 percent of the Wizards franchise, while the family of the late Abe Pollin, who died in November, owns a 56 percent majority stake. The sides are thought to be $100 million apart in their valuation of a package that includes the Wizards, Verizon Center, and the local Ticketmaster franchise. And while Leonsis maintains that he still holds exclusive rights to purchase the team, the Pollin estate has asserted their right to place the franchise on the open market where Leonsis could match any offer they received.
