Leonsis Gives Full Disclosure For Wizards Fans - NBC4 Washington

Leonsis Gives Full Disclosure For Wizards Fans

Capitals owner blogs about efforts to buy Wizards



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    Capitals owner Ted Leonsis opened up Thursday on his blog about normally private negotiations -- the current stalemate in his bid to buy the Wizards. 

    Leonsis’ company is attempting to purchase the Wizards and the Verizon Center from the estate of late owner Abe Pollin.

    In his blog, Leonsis asserts that his company, Lincoln Holdings, has the exclusive rights to make a deal. He also points out that his company already owns 44 percent of the Wizards.
    Leonsis said that 10 years ago, he and Pollin agreed on an “orderly process for Lincoln and me to acquire the Pollin family’s share ... when he passed away.”
    But the deal appears to have hit a major snag.  According to the Washington Post, the sides are roughly $100 million apart. 
    Despite that, Leonsis said he is “confident this process will move forward.”
    He also did his best to assure fans that the future is bright for both the Capitals and the Wizards.
    “I have learned that owners have a responsibility to do everything in their power to build a great team that can achieve immortality for their fans by striving to win championships, and I hope with the Caps I’ve shown that that I’ve learned a great deal about the right way to build a winning team,” Leonsis wrote. “I would like to restore a winning tradition to the Wizards, and help the team -- and its fans in the Washington area -- achieve the rewards that come from competing for a championship.”