Update 3:05 pm: Both sides are expected to officially sign a purchase agreement in the upcoming keep, ultimately transferring the ownership over the course of a month to six weeks maximum.
As of now, there is only an agreement and no paper work has been signed. “What we really wanted today is to say we have basically reached an agreement with Ted,” family spokesman Robert Pollin told the Washington Post. “I wanted to get it out to our employees. We just wanted to get it all out so we can plan for a transition that would be smooth, and for the employees to understand where we are.”
Wizards ownership would provide Leonsis complete control of the Verizon Center, perhaps even gearing up a shift toward an increase in hockey related arena revenue, says the Post.
Original Posting: The family of the late Abe Pollin will be selling the family’s share of both the Wizards and the Verizon Center to Capitals owner Ted Leonsis. For on-going updates of this breaking news, visit the Washington Post’s latest on the announcement made by the Pollin family earlier today.