‘It’s been awhile’
courtesy of ‘afagen’
The sticking point in Ted Leonsis’ negotiations with the Pollin family for the purchase of their stake in the Wizards and the Verizon Center has been price, for some time now. Finally, there’s been a breakthrough, according to a local newspaper, who report that the valuation has been agreed upon at $550M for the team and the Verizon Center. My guess is the Verizon Center is the lion’s share of that, at the moment, given how piss poor the Wizards are playing these days. From here, they’ll continue negotiations on other subjects including how the facility will be run, and whether or not the majority of the league owners will approve Leonsis’ full purchase.
Folks should know that Leonsis’s group already owns 44% of the Wizards (and 44% of the Verizon Center too I think), so Leonsis and his group would only be paying about $308 million for the remainder of the ownership rights.