Friday , Mar , 26 , 2010 Hoopsvibe

Wizards and Arena Sell for $550 Million

Washington Capitals owner Ted Leonsis and the estate of sports entrepreneur Abe Pollin have reached agreement on a price for Leonsis to purchase the Washington Wizards and the Verizon Center, overcoming the single biggest obstacle in his path to take ownership, according to several sources familiar with the negotiations.

The total value of the team and arena is pegged near $550 million, according to sources, although the exact cost to Leonsis’s group would be far less because it already owns 44 percent of the franchise.

If the agreement is finalized, it would cement Leonsis’s status as one of the most powerful figures in Washington business and sports. He would control a mid-Atlantic sports and entertainment empire spanning three professional leagues, and an arena that hosts everyone from presidents to rock bands, as well as performers including the Ringling Bros. and Barnum & Bailey Circus. 

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