A fight over purchase rights and a sale price for the NBA’s Washington Wizards has former AOL executive Ted Leonsis in a dispute with the executors for the estate of the late Abe Pollin, owner of several sports teams.
The Washington Post reported on Thursday that an official of the holding company that owns the Wizards, one in which Leonsis owns a 44 percent stake, says the group has the right to put the Wizards on the open market.
Citing unnamed sources, the newspaper said negotiations that began earlier this month halted last week with the sides thought to be on opposite ends of whether the deal is worth US$500 million or US$600 million.
“We have been willing to take on the acquisition even knowing that the Wizards are losing money this season and facing challenges,” Leonsis said in a statement on his blog on Thursday after the newspaper story.
A day after Wizards star Gilbert Arenas and reserve Javaris Crittenton were each suspended for the remainder of the NBA season for bringing guns into the team’s locker room, the struggling Wizards were a miserable 14-30.
“The last thing the Wizards need now is more uncertainty,” Leonsis said. “I would like to restore a winning tradition to the Wizards and help the team and its fans achieve the rewards that come from competing for a championship.”
The final price tag could have an impact on the value of every NBA club.
Leonsis, whose Washington Capitals are among the top teams in the National Hockey League behind Russian Alex Ovechkin, says his deal requires an appraiser set a value for disputed properties with Leonsis having the first right to buy.
Pollin struck a deal to smooth the ownership transfer of the NBA club he loved after his passing, which came last November, when Leonsis bought the Capitals and a 44 percent share of the Wizards and their arena in 1999.
The Post reported that Washington Sports and Entertainment president of business operations Peter Biche thinks they can put the Wizards, the arena they share with the Capitals and a ticket sales franchise on the open market.
Biche said in a memo that no one has an exclusive right to negotiate a purchase deal, although Leonsis and his investor group would be able to match any offer, the report said.
“At the end of the appraisal process established in my agreement with Mr Pollin, there is only one person or entity that has the right to buy the outstanding share — my partnership,” Leonsis said.
By owning the arena, Leonsis could boost the profitability of the Capitals, who are now playing to sellout crowds after a decade of losing money.
Leonsis has hired an appraiser and the estate is in the process of doing so, but if they differ, a third will be used to determine a fair market value for the Wizards and other assets.
Sources told the newspaper that Leonsis thinks a neutral appraiser would set a price both sides could agree upon and that only if Leonsis rejected such a figure could the team be put up for open sale to the highest bidder.
NBA commissioner David Stern banished Arenas and Crittenton for bringing guns into the Wizards locker room last month. Both players pleaded guilty to weapons charges, with Crittenton receiving one year on probation and Arenas to be sentenced in March.
Inter on Sunday were given a letoff when they snatched a late 1-1 derby draw with AC Milan, while league leaders SSC Napoli were held by a late goal at AS Roma. Reigning champions Inter remain three points behind Napoli, who looked to be heading five clear as they led in Rome until Angelino volleyed in a stunning leveler in the first minute of stoppage-time. Angelino’s strike gave even more significance to Stefan de Vrij’s last-gasp equalizer at the San Siro. The defender forced home Nicola Zalewski’s knockdown just as it looked like Tijjani Reijnders’ opener would be enough for Milan. “I can
The Washington Capitals and Winnipeg Jets on Saturday did not disappoint in a thrilling midseason matchup in front of a fired-up sellout crowd of more than 18,500 fans. The top two teams in the NHL delivered with a combined nine goals, including the 877th of Alex Ovechkin’s career to put him 18 back of breaking Wayne Gretzky’s record. That tied the score, the Jets pulled it out in overtime and just about everyone involved got their money’s worth out of the 5-4 game. “We knew how we were both sitting in the standings and both having real good years,” Winnipeg coach Scott
BACK-TO-BACK: The League One club, which is owned by stars Ryan Reynolds and Rob McElhenney, is sparing no expense to clinch promotion to the Championship Hollywood endings are pricey, even in England’s third division. In pursuit of their third straight promotion, Wrexham AFC splashed some cash at League One rival Reading to secure the services of striker Sam Smith. The Welsh club owned by actors Ryan Reynolds and Rob McElhenney confirmed the signing of the 26-year-old Smith on Friday. He is one of the top scorers in the third division. The transfer fee was not disclosed, but British media widely reported it to be about £2 million (US$2.48 million) — not extravagant, but a hefty price at this level and it would be about the same figure that
Less than a week after splashing out a world-record fee for Naomi Girma, Chelsea has spent big again to bring England midfielder Keira Walsh back to the English Women’s Super League. Walsh left European champions Barcelona after more than two years to join Chelsea for a reported £400,000 (US$496,000) on Friday. Walsh was the world’s most expensive player for two years after moving to Barcelona from Manchester City for a reported £400,000 in 2022. That status now belongs to Girma, the US defender who cost Chelsea a reported £900,000 to sign from the San Diego Wave. Still, it means 27-year-old Walsh — a technically