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Wizards officially waive Zydrunas Ilgauskas

The Washington Wizards waived center Zydrunas Ilgauskas today after coming to a mutual agreement on a contract buyout. As Michael Lee reported last night, Ilgauskas will pay back $1.5 million of his $11.5 million contract, according to a source.

The 7-foot-3 center was acquired from Cleveland in the three-team trade that sent Antawn Jamison to the Cavaliers on Feb. 17. He received a trade kicker worth about $600,000 for being part of the deal. Ilgauskas only spent a few hours in Washington on Friday, when he came for a physical and quickly returned home to Cleveland.

From the official news release:

"We agreed to terms with Zydrunas on a contract buyout, giving us further financial flexibility and allowing our young big men to continue to develop over the remainder of the season," said [team President Ernie] Grunfeld.

By Alexa Steele  |  February 25, 2010; 12:11 PM ET
 
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Comments

what kind of "financial flexibility"?

Posted by: G-Man11 | February 25, 2010 12:17 PM | Report abuse

"what kind of "financial flexibility"?"

More money for the Pollins.

Posted by: disgruntledfan | February 25, 2010 12:18 PM | Report abuse

Is Nick Young so bad you play Quentin Ross instead? I dont know about that Flipper...

Posted by: divi3 | February 25, 2010 12:42 PM | Report abuse

Well, what else can they say? "We got screwed by both GOODEN and ILGAUSKAS?" Put the best spin on the situation you can and move on. We got hammered, there's no other way to look at it, but of course, the front office can't say that.

Let's forget the vets who don't want to be here, and continue along the youth path to a MEMPHIS-type squad with ARENAS of course.

Posted by: glawrence007 | February 25, 2010 12:46 PM | Report abuse

Ole Flip would rather grab a 13 year old outta the 10th row and insert him into the game than play Nick Young. 2 bad.

Posted by: dovelevine | February 25, 2010 12:48 PM | Report abuse

Is Nick Young so bad you play Quentin Ross instead? I dont know about that Flipper...

Posted by: divi3
__________________________

YES! What are we gonna do with a guy who goes into the tank when he misses a shot. I would trade his @$$ in the offseason also

Posted by: SkinzNWiz | February 25, 2010 1:02 PM | Report abuse

>>YES! What are we gonna do with a guy who goes into the tank when he misses a shot.
Posted by: SkinzNWiz

This is just not true. Don't know where this comes from. When he is left in the game to find his shot, Young usually produces. The Denver game is a good example. He missed his first couple shots but wasn't yanked for once and settled in, found his shot and was one of the main reasons we won that game.

Posted by: dovelevine | February 25, 2010 1:06 PM | Report abuse

After further research, it is apparent that Ted Leonsis did not misspeak when he said he already owns a share in the Wizards and the Verizon Center. (44%)

And yes, to all that do not understand, WS&E LP is the holding company that Pollin set up that owns everything. Lincoln Holdings owned by Ted Leonsis bought into WS&E LP and has increased its share to the current 44%.

Included in that 44% is the outright ownership of the Capitals and the Mystics.

The fact that WS&E LP is the holding company that Lincoln Holdings has a 44% share means in fact that Ted already has a 44% stake in everything he dosen't already own outright.

The Wizards and the VZ could be valued as high as 4-5 hundred million of which Ted already has a 44% share.

By my calculations boys and girls, that means that the Pollins are owed about $280 mil for their 56% of the Wiz and the VZ plus any other entities like Ticketmaster and others that may be a part of WS&E LP.

Those of you that think I am pulling these numbers out of my royal behind, do the math based upon factual research and not what you think something is worth.

LarryInClintonMD.

Posted by: LarryInClintonMD | February 25, 2010 1:06 PM | Report abuse

Furthermore, when the NBA/Professional sports and Forbes rank franchises the team and the facility is always considered together with operating expenses and everything thereto.

The Washington Redskins was the first professional franchise to be valued at $1 billion. They just may have been knocked out of the #1 slot with the new venue in Dallas Texas. Hate dem Cowboys.

However, until this year, for the last four years the #1 NBA franchise value was the New York Knicks. Surpassing them this year is the Los Angeles Lakers coming in around $600 million.

The Washington franchise this year comes in around $350 million. Keep in mind that these numbers include the team and the venue and operating incomes, pros and minuses.

Now when a team goes up for sale as is the case currently with the Wizs and the Bobcats, the sale price could be and often is different than the valued price set by the League and Forbes.

The valued price is what I have been referring to in my blogs. Folks think I am just making stink up, but I am not.

The Pollins are over a barrel because time will tell when the appraisal comes in that it is highly likely that Mr. Leonsis has already offered them more than a fair price.

In the Bobcats case, Mr. Johnson is going to take a loss on what he paid (around $300 mil) if the valued price is not exceeded by the buyer. For the valued price now for the Cats is less than what he paid for them.

He is willing to accept less, because the franchise is loosing millions. Michael Jordan or the guy from Houston will soon be, he hopes, the new purchaser of the Charlotte Bobcats.

The guy that keep saying that Ted will pay 2-3 hundred mil for the VZ is the really the one pulling schictz outa his computer.

LarryInClintonMD.

Posted by: LarryInClintonMD | February 25, 2010 1:10 PM | Report abuse

Nick Young showed guts and determination to win last night. That slam dunk posterization put me on the edge of my seat.

Shortly after then though he was back on the bench.

Momentum and excitement gone.

LarryInClintonMD.

Posted by: LarryInClintonMD | February 25, 2010 1:18 PM | Report abuse

To: LarryInClintonMD

Please, please stop repeating posts over and over.

If no one wants to comment about what you say the first time, what makes you think they will want to the next time they see the same thing?

Posted by: fansincebullets | February 25, 2010 1:19 PM | Report abuse

Where's Michael Lee at? vacation or something?

So, what are the chances that we keep al thornton? I think he's nice, but we cleared all this cap space and I'm afraid whoever controls the Wiz this offseason might still have this philosophy of saving and saving.

Thornton is a suitable replacement for Caron I think, although he plays bigger. He doesn't take nearly as many jumpers, might not have quite as good of handles, but he can drive and get his own shot fo sho. Seems athletic too, and especially if he can get his rebounds up, we need to keep him! Right?

Posted by: bigtriumverate | February 25, 2010 1:25 PM | Report abuse

The Memphis Grizzles is a tough inside Team. There two big men are virtually unstoppable.

The way to minimize them is as soon as they score you must push the ball back at them and our bigs are fast enough to run the floor and finish in the paint.

This makes them work and also offsets the offensive scoring they put up.

Ole' Flip don' kno' nuthin' bout' dat' tho'.

Ole' Flip dosen't have the knowledge that my Daddy always imparts to me.

LarryInClintonMD.

Posted by: LarryInClintonMD | February 25, 2010 1:27 PM | Report abuse

>>YES! What are we gonna do with a guy who goes into the tank when he misses a shot.
Posted by: SkinzNWiz

This is just not true. Don't know where this comes from. When he is left in the game to find his shot, Young usually produces. The Denver game is a good example. He missed his first couple shots but wasn't yanked for once and settled in, found his shot and was one of the main reasons we won that game.

Posted by: dovelevine
======================

I am with you dove;
Never agreed with that sentiment, and I don't quite know why every little aspect of NY and JM game dissected to such a degree and not others. NY may frown after missing a shot (maybe @himself) can't say his demeanor was like F#ck it after that.

Truthfully, if NY is mainly a scorer that is slowly developing defense and playmaking ability or JM is a shot blocker and finisher, then shame on Ernie for drafting players that his coach(es) can't use. I thought that was a part of scouting. That's what I mean when I say he doesn't value the draft.

I don't think anybody is saying these players are great or will lead us to the playoffs but they are on the roster and eating up salary. Yet the coaches can't find roles for these guys.

Posted by: millineumman | February 25, 2010 1:33 PM | Report abuse

If no one wants to comment about what you say the first time, what makes you think they will want to the next time they see the same thing?

Posted by: fansincebullets | February 25, 2010 1:19 PM

Those two posts were posted in the twilight zone.

People repost all the time when postings move ahead.

Those posts are in response to comments I was not able to respond to several blogs back.

Whether the intended recipients respond is up to them and they know who they are, those posts bring to light incorrect assertions about the subject matter therein.

LarryInClintonMD.

Posted by: LarryInClintonMD | February 25, 2010 1:44 PM | Report abuse

LarryInClintonMD,

One thing to keep in mind while you make your calculations is this: once you get an estimate of the value of the franchise, it's not a matter of just figuring out what 44% (of 56%) is worth on a pro-rata basis of a total value. Ted Leonsis is a minority (a.k.a. non-controlling) owner, and the Pollins have the controlling interest in the franchise. The ability to control business operations typically commands a premium to the pro-rata value since anyone without a controlling interest is subject to the whims of the owner in charge. This means that if a franchise is valued at $100 million, for example, and one owner has a 51% interest that is controlling, then that is worth more than just $51 million. By the same token, another owner's share would be less than the remaining pro-rata franchise amount(less than $49 million in my example). You're usually talking a premium in the 20-30% range per share to gain control in most business settings.

-VeCente115

Posted by: VeCente115 | February 25, 2010 2:00 PM | Report abuse

yawn...slow day.

Posted by: Blurred | February 25, 2010 2:02 PM | Report abuse

and what if Robert Pollin wants to keep the frachise and pass it to his kids?

Posted by: Blurred | February 25, 2010 2:21 PM | Report abuse

"Ole Flip would rather grab a 13 year old outta the 10th row and insert him into the game than play Nick Young. 2 bad."

Not for the 13 year old.

Posted by: kalo_rama | February 25, 2010 4:15 PM | Report abuse

and what if Robert Pollin wants to keep the frachise and pass it to his kids?

Posted by: Blurred | February 25, 2010 2:21 PM |

Blurred, at this point he can't just not sell. The contract that was signed between Abe and Ted made the sale automatic. The process we see now is proceeding exactly as agreed.

There are 2 more oppotunities that Ted has to buy the team under the agreement, 1) buy at the agreed upon appraisal price by both appraisers, and if not 2) he has the option to match any open offer to buy by anyone else.

Ted, failing to buy in both accounts would then satisfy the agreement put in place by Ted and Abe and then and only then could Robert Pollin decide to just keep the Team.

LarryInClintonMD.

Posted by: LarryInClintonMD | February 25, 2010 4:16 PM | Report abuse

LarryinClinton:
Using the numbers you dug up, I actually think that Leonsis should be buying only the 7% he needs to take majority control. That would be a nice little $30-50M and the Pollins still keep their non-controlling shares.
I say this because when Abe Pollin sold to Leonsis's group the expectation (implied) was that Leonsis would take control soon. It was also at the time the Pollins needed the money as they were losing badly with the Caps and the Mystics. They USED Ted to get back in the black. Now they want to screw him for the second time?
Ted Leonsis is a pretty nice fellow if he's going to let them get away with it and pay them the gazillions to take total control of ownership. Just my opinion.

Posted by: rickgonz | February 25, 2010 4:28 PM | Report abuse

Really hard to envision there's a scenario where the Pollins are obligated to sell the team if they dont want to.

Posted by: divi3 | February 25, 2010 4:29 PM | Report abuse

Just for the record, the control premium would be the WHOLE premium (on the entire franchise value), plus the lesser value of the shares. So if control was transferred, the value would still be high, not just a little bit.

Posted by: VeCente115 | February 25, 2010 6:32 PM | Report abuse

The comments to this entry are closed.

 
 
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