How Did Ted Leonsis Make His Money
Ted Leonsis Takes Over Sole Ownership of the Washington Wizards
March 26, 2010 
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Ted Leonsis, owner of the Washington Capitals and Mystics, has agreed to become the owner of the Washington Wizards. Talks had been ongoing between Leonsis and the Pollin family since the decease of owner Abe Pollin terminal November.
The deal saw Leonsis paying $170 million for the remaining 56 percent of the squad and the Verizon Eye, which are valued at $550 1000000.
The Wizards are in last place in the Southeast division, and if there is i affair Leonsis knows, it is rebuilding teams the right way.
Leonsis bought a 44 percent share in the Wizards when he bought the Capitals in 1999. The Capitals were one of the worst teams in the NHL earlier Leonsis took a proactive approach to fixing the problems. By the 2003-2004 flavour, the team parted with high-priced free agents like Jaromir Jagr and Robert Lang in favor building a team from the ground upwardly.
Three years and a lockout later on, the Capitals own the best record in the NHL and have loftier hopes of winning the Stanley Loving cup this year.
The hope is that Leonsis volition have the same arroyo to the Wizards that proved so successful with the Capitals. The cost-cutting has already been done, now the squad needs to build with youth.
Perfect timing with the NBA Typhoon coming in June.
No word nevertheless on how involved Leonsis intends to exist with the Wizards given his existing responsibilities with the Capitals, nor is it certain that GM Ernie Grunfeld will be retained or replaced. Not that in that location are rumors of Grunfeld'due south removal, but perhaps Leonsis will look for a fresh offset birthday.
A change in ownership opens the doors for speculation on the direction for the time to come, only it shouldn't exist an open door to foolish optimism.
As far as the Wizards are concerned, they are without a true franchise actor and at that place is no guarantee Gilbert Arenas volition exist back. His presence or absenteeism dictates what the Wizards can do in the upcoming free agency class and the draft they stand to hold four picks in.
There is ever uncertainty in those situations, just the Wizards have more factors weighing upon the important decisions of the future.
No matter what happens with Arenas, Grunfeld, or the part Leonsis will play, the Wizards tin rest like shooting fish in a barrel knowing they have an owner who knows how to build a winning production and not alienate fans in the process. While he was already a substantial shareholder in the Wizards, this new acquisition means he volition be the homo behind the curtain for everything that comes in and out of the Verizon Center.
Welcome, Ted Leonsis, and may this new borderland be as successful as those you have conquered before!
Source: https://bleacherreport.com/articles/369349-ted-leonsis-takes-over-sole-ownership-of-the-washington-wizards
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