Leonsis to buy rest of Wizards 27/11/2009 |
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Former AOL vice-chairman Ted Leonsis has announced he plans to exercise his exclusive right to buy the remainder of NBA team the Washington Wizards following the death of majority owner Abe Pollin.
Leonsis is majority owner and chairman of Lincoln Holdings, which bought 44 per cent of Pollin’s Washington Sports & Entertainment in 1999. That deal gave Lincoln Holdings the “exclusive right” to buy the rest of the basketball team, Leonsis said in a statement.
“That agreement established an orderly process for conducting that transaction and it is our intention to follow that process,” Leonsis added.
Pollin became the Wizards’ owner in 1964, when the franchise was known as the Baltimore Bullets. The team moved to Washington in 1974 and won an NBA championship in 1978.
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