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Posted at 12:11 PM ET, 05/ 2/2010

Purchase agreement signed for Wizards

By Washington Post Editors

Washington Capitals owner Ted Leonsis on Sunday signed a purchase agreement with the estate of Abe Pollin, committing Leonsis to purchase the 56 percent of the Washington Wizards and Verizon Center that he does not already own.

The agreement is the next-to-last formality before the properties are officially turned over to the former AOL mogul, which is expected to take a month to six weeks.

Leonsis will now formalize his agreements with lenders to finance the purchase.
The purchase agreement means Leonsis, who leads a closely-held group of investors known as Lincoln Holdings, will likely take over the Wizards in time for the June NBA draft.

The timing will allow Lincoln Holdings to have input on player selections as he seeks to rebuild the ailing franchise.

--Thomas Heath

By Washington Post Editors  | May 2, 2010; 12:11 PM ET
 
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Comments

Yay!

Posted by: rmcazz | May 2, 2010 8:37 PM | Report abuse

Goodbye Ernie!!

Posted by: anacostia85 | May 2, 2010 11:08 PM | Report abuse

Please bring back the Washington Bullets and have them and the Mystics in Red, White and Blue!

Posted by: MrWillie | May 3, 2010 1:50 AM | Report abuse

"Getter Done!" Abe was a great man..but one of the worst owners in the history of the NBA when it came to the hiring of management,
decisions on what players to draft, pick up in free agency and who to trade away. The record speaks for itself.

Posted by: blazerguy234 | May 3, 2010 8:23 AM | Report abuse

That light at the end of the tunnel is starting to get bigger and bigger.

No chance they go back to "Bullets" as one of the first moves as decision makers (I'm certain they wouldn't want to do anything that might be perceived as a slight to the Pollin family or Abe's memory), but a return to Red, White and Blue unis would be AWESOME! I'm thinking though that it couldn't be until next season. I think I remember reading somewhere that the paperwork for this type of change has to be in a year ahead of the proposed change. I could be mixing the NBA rule up with the NFL rule, or I could be mistaken completely, but I'm pretty sure there's some kind of strict deadline. Anyone know for sure?

Posted by: sober_stinks | May 3, 2010 10:53 AM | Report abuse

Congrats Teddy L. Hope we have the same success as the Caps.

Now onto getting rid of the hating Wiz fans from these past 7 years.

Posted by: Rocc00 | May 3, 2010 11:10 AM | Report abuse

Bring back the Bullets name!

Posted by: dcsportsdude | May 3, 2010 11:16 AM | Report abuse

Hello Ernie. I doubt he's going anywhere soon.

Posted by: richs91 | May 3, 2010 12:11 PM | Report abuse

Three factors contribute to professional team management building a winning franchise:
1) Skill/experience making the correct choices among players available
2) Money to pay the players who command top dollar
3) Luck

I'd argue that EG has as much skill and experience as most other GMs in the NBA, better than many. The Wiz have declined to spend the money for many years, but even going becoming a luxury tax team this year didn't do the trick with the roster they blew up this season. The biggest factor that has plagued the Bullets/Wizards is luck. The one year the team won the draft lottery, they got Kwame Brown. The best player in that draft was probably Gasol, and he is a very good player who only won rings when he joined the Lakers, who have a great player in Kobe.

Bottom line: any GM will have the sense to pick a Lebron #1, but you have to be lucky to be in the position to make that pick. The Caps got lucky to land Ovie. A good GM (who Leonsis kept when he bought the team) had the skill and Leonsis had the money to put the rest of the pieces in place to build a competitive and fun-to-watch team. The same has to happen for the Wizards, and I don't think EG needs to go for that to happen. They need some luck.

Posted by: gophercrow | May 3, 2010 12:17 PM | Report abuse

TED, PLEASE CONTINUE THE CAPITALS EXORCISM!

You changed the color of the jerseys, SAME RESULT!
You changed buildings, SAME RESULT!

NOW CHANGE THE NAME!
They never should have been the Capitals.
The chant SUCKS! FLAT AS CAN BE, SAY IT
"Let's go Caps" FLAT!
They should have been the
WASHINGTON LIONS!
Try that chant, LET'S GO LI-ons !

Continue the EXORCISM!

Posted by: 1-20-09 | May 3, 2010 12:48 PM | Report abuse

gophercrow is right on the money.

Posted by: arn3z | May 3, 2010 2:46 PM | Report abuse

The comments to this entry are closed.

 
 
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