…but it’s not a fault of the offer or the team, it seems. The threat to the peaceful transfer of the Wizards is coming from Washington Sports & Entertainment, who insist they should have the right to accept outside public offers for the Wizards as part of the sale. Negotiations have been (publicly) civil between Leonsis and the Pollin family, who’ve both retained investment banks to assist in the valuation of the Wizards franchise (right now? I’d give ’em a nickel.) and the Verizon Center.
What had previously been released was that Leonsis, and his company Lincoln Holdings, had an exclusive period in which to make an offer for the team and the Verizon Center, after which things could be opened to the public. The President of WS&E, though, believes that not to be the case, and he’s gone public with a memo sent to the Pollin estate and Leonsis.
What had been a peaceful process just got a whole lot of potential to get ugly. Thanks, jackass.