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Leonsis's path to ownership in doubt

Business writer Thomas Heath reports:

Ted Leonsis has no exclusive right to purchase the NBA Wizards and Verizon Center, the holding company founded by the late sports entrepreneur Abe Pollin told employees in a memo Tuesday, throwing into doubt the future ownership of one of Washington's biggest sports empires.

Check back here for updates. Here is the complete blog post.

By Alexa Steele  |  January 27, 2010; 6:21 PM ET
 
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Comments

WTF?

Posted by: djnnnou | January 27, 2010 6:25 PM | Report abuse

$100million apart? This wont be resolved for a long time and probably not until there is a 3rd party bid that Leonsis can choose to match.

Looks like EG will be steering the ship for the forseeable future!

Posted by: divi3 | January 27, 2010 6:33 PM | Report abuse

OK, so after reading the full post it looks like the memo just reiterated what everyone already knew.

Posted by: djnnnou | January 27, 2010 6:34 PM | Report abuse

Leonsis is probably doing the wise thing at the moment - like everyone else he's trying to low ball the hell out of the Wizards. He knows he's going to have his work cut out for him if he gets the team, he probably doesn't want to overpay for it as well - adding to the challenges.

Posted by: Kev29 | January 27, 2010 6:40 PM | Report abuse

"OK, so after reading the full post it looks like the memo just reiterated what everyone already knew."

Everyone who's actually been paying attention, that is.

Posted by: kalo_rama | January 27, 2010 6:42 PM | Report abuse

"Leonsis is probably doing the wise thing at the moment - like everyone else he's trying to low ball the hell out of the Wizards."

The Caps are still losing money as they rent ice from the Pollins which might make Leonsis the only person to whom the team (and VC) is actually worth a premium.

Posted by: divi3 | January 27, 2010 6:53 PM | Report abuse

Wow, does everything keep on getting worst?

Posted by: dlts20 | January 27, 2010 6:53 PM | Report abuse

Swell.

Is there a franchise in the CBA to root for?

Mexico? Japan?

They play pro ball in Taiwan, right? Maybe I can find a team there to root for.

This one is done for the next half century.

Posted by: SteveMG | January 27, 2010 7:19 PM | Report abuse

In Ernie Must Trust.... Ted is going to get team its just a process that must take place. How much can he do in the next 6 months anyway.

Posted by: dsquare | January 27, 2010 7:22 PM | Report abuse

It was reported yesterday that the remaing 56% stake of Les BouleS and the VC may cost $900 mil.

Leonsis is looking for more funding sources.

Posted by: DC_MAN88 | January 27, 2010 7:29 PM | Report abuse

Look on the bright side the Wizards have found a way to get under the luxury cap?

Posted by: bulletsfan78 | January 27, 2010 7:30 PM | Report abuse

I mean the moves you have to make is very simple.
1)Try to trade Antawn and Carron for draft picks
2) If Gil goes to jail void his contact.
3) Draft best available players
That will take us in to Sept., when Ted can take over. If Enie put a few good moves in the next 6 months he may save his job. If not then bye-bye, im sure he's giving Ted some info on whats going on, so Ted is not some what clueless.

Posted by: dsquare | January 27, 2010 7:32 PM | Report abuse

If Teddy loses out on buying the Wiz and VC, he may just up and move the Caps to another city, or try to build his own arena in NoVA.

Posted by: DC_MAN88 | January 27, 2010 7:36 PM | Report abuse

It was reported yesterday that the remaing 56% stake of Les BouleS and the VC may cost $900 mil....

Posted by: DC_MAN88

Yea, but they have to find another bidder who is willing to pay what the pollin family want as far as pricing. That bidder also is going to go though this long drawn-out process, put that kind of money in a special account that they can not touch for an unlimited time. And when this long process is complete, Ted can simply match the offer and own the team. I think he should play hard ball with the pollin family.

Posted by: dsquare | January 27, 2010 7:41 PM | Report abuse

If Teddy loses out on buying the Wiz and VC, he may just up and move the Caps to another city, or try to build his own arena in NoVA.

Posted by: DC_MAN88
Then how much will the Wiz and VC be worth a more if he leaves. The pollin will lose more than the 100 million dollar diffrence, maybe like 400 million...... He dont even have to move them out the city...what about RFK.

Posted by: dsquare | January 27, 2010 7:48 PM | Report abuse

"Ted can simply match the offer and own the team."

At which point the Pollins would have realized more money that Leonsis was offering them. Win-win for everyone but the fans who have to endure the old regime making draft picks and trades just before handing over reigns to the new

Posted by: divi3 | January 27, 2010 7:54 PM | Report abuse

"Ted can simply match the offer and own the team."

Not that simple.

Posted by: kalo_rama | January 27, 2010 8:32 PM | Report abuse

For all of you who use to give me grief about Abe it looks like his 200 million investment has paid off pretty well.

The man never cared about the fans and winning a championship only the $$$$$.

After all of these years the $$$$ is still the only thing that matters.

Posted by: bulletsfan78 | January 27, 2010 8:38 PM | Report abuse

$900 mil for Wiz and the Wizdrome? Hard to swallow.

Like those DEA media reports that claim they seized drugs with a 'street value' of 25 mil. The dealers want to know where the heck that street is.

Posted by: Samson151 | January 27, 2010 9:04 PM | Report abuse

"For all of you who use to give me grief about Abe it looks like his 200 million investment has paid off pretty well."

They usually do. Look at what Jack Kent Cooke's insistence on building FedEx Field meant to the Skins' future margins. Compare it to the Ravens, who got the state to build their palace.

But you can't use that to claim that Abe was only interested in the money. He was just good at making it. Pollin was a sports fan, with all the innate foolishness that goes along with it.

Posted by: Samson151 | January 27, 2010 9:08 PM | Report abuse

"They usually do. Look at what Jack Kent Cooke's insistence on building FedEx Field meant to the Skins' future margins. Compare it to the Ravens, who got the state to build their palace.

But you can't use that to claim that Abe was only interested in the money. He was just good at making it. Pollin was a sports fan, with all the innate foolishness that goes along with it.

Posted by: Samson151 | January 27, 2010 9:08 PM | Report abuse "

Yeah, but Jack put all the proceeds from the sale of the Redskins for scholarships.

The sale of the rest of Wash. Sports is probably going right into the Pollin family pockets.

Posted by: DC_MAN88 | January 27, 2010 9:18 PM | Report abuse

The team has been a loser for 30 years. Its star is probably going to jail and doesn't want to play for them (and will cost them another $80m to boot). It has a record of 14-30 and not a single young star on its bloated payroll. It has just been hammered in the local media for being awful, and is a national laughingstock over the Critt-Arenas incident. Just how much do the Pollins think it's worth?

Posted by: SammyT1 | January 27, 2010 10:17 PM | Report abuse

The comments to this entry are closed.

 
 
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