Leonsis completes Wizards takeover 09/06/2010 |
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Ted Leonsis has completed his $550 million takeover of the Washington Wizards after the move was approved by the National Basketball Association (NBA).
Leonsis, whose Lincoln Holdings firm purchased the franchise, has agreed to buy the club and the Verizon Centre home from the Pollin family.
Former owner Abe Pollin, who died last November, recruited Leonsis as a partner back in 1999.
Leonsis previously owned 44% of the stake and was given the opportunity to purchase the remaining 56% following Mr Pollins’ death.
“We are pleased that the NBA's Board of Governors has approved Ted Leonsis' purchase of majority ownership of the Wizards from the Pollin family,” said NBA Commissioner David Stern on Tuesday.
“The transaction signifies the end of an era and a passing of the torch into very capable hands.
“We have long admired what Ted has done with the Washington Capitals in terms of sales, marketing and outreach in the community, and we look forward to him bringing those skills to bear for the Wizards.”
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