Leonsis takes control of Wizards
Leonsis takes control of Wizards
June 7th, 2002 | by NBA.COM
WASHINGTON -- Ted Leonsis received 130 e-mails from Washington Wizards fans before he had owned the team a full day. Three came from a fan concerned about the quality of the ketchup at the Verizon Center.
Yes, owning two major sports teams is going to take a lot of work.
"I hoping I'm not going to get 130 e-mails a day for both teams," said Leonsis, who opened an e-mail address for fans and is going to try to answer them all.
The 53-year-old former AOL executive stood at a podium Thursday to announce that he has formally taken control of a major sports and entertainment empire. The NBA gave its approval Tuesday, and the papers were signed Wednesday to complete the purchase of the Wizards, the Verizon Center and other assets from the estate of the late Abe Pollin.
Leonsis already owned the NHL's Washington Capitals and WBNA's Washington Mystics and 44 percent of the Wizards and Verizon Center. His group paid about $310 million for the other 56 percent to create a new entity -- called Monumental Sports & Entertainment -- whose total value is more than $825 million.
The focus, however, was solely on the man at the top. Despite his lofty position, Leonsis is not an entourage man. He walked to the microphone with no introduction and spoke for some 52 minutes, answering a wide range of questions. The contrast with the city's other major sports owners -- the media-shy duo of Dan Snyder (Redskins) and Ted Lerner (Nationals) -- couldn't have been more striking.
The immediate concern for both Wizards and Capitals fans is whether Leonsis can find enough time to devote his full energies to both teams as well as all of his other interests.
"I believe I have the personal bandwidth and the experience to be able to manage all of these assets," Leonsis said. "Yes, I do worry about it. ... I'm going to stop doing some of those [other] things and put my focus on the teams. There's only so many hours in the day."
The Wizards had a bounce back season this year led by Michael Jordan as they reached the Eastern Conference finals. The core of a good group is there already to build on. "We have a very important offseason and are already doing our due diligence on all possibilities. We can make that jump next season. We have a good mix in our roster, but we will look to add some more youth and sustain the long term viability of the franchise." said Leonsis.
Leonsis reiterated that he plans to retain general manager Wes Unseld and coach Doug Collins. He said he is now exchanging e-mails with Michael Jordan his President of Basketball Operations and star player.
"It's very important that Michael is involved in the process this summer. He has been a fantastic addition as a player," Leonsis said. "Michael knows the most important thing for him to do is to stay in shape, to be a great teammate and to be a pillar of our community."
Leonsis indicated he'd like to revive the franchise's old red-based color scheme, which would mirror a similarly popular change he made with the Capitals. But he added "there will be no name change" despite a widespread sentiment that the Wizards should go back to their old nickname, the Bullets.
"I'm shocked with all that we have to do that that's been, like, the No. 1 question, e-mail, message board conversation," Leonsis said.
June 7th, 2002 | by NBA.COM
WASHINGTON -- Ted Leonsis received 130 e-mails from Washington Wizards fans before he had owned the team a full day. Three came from a fan concerned about the quality of the ketchup at the Verizon Center.
Yes, owning two major sports teams is going to take a lot of work.
"I hoping I'm not going to get 130 e-mails a day for both teams," said Leonsis, who opened an e-mail address for fans and is going to try to answer them all.
The 53-year-old former AOL executive stood at a podium Thursday to announce that he has formally taken control of a major sports and entertainment empire. The NBA gave its approval Tuesday, and the papers were signed Wednesday to complete the purchase of the Wizards, the Verizon Center and other assets from the estate of the late Abe Pollin.
Leonsis already owned the NHL's Washington Capitals and WBNA's Washington Mystics and 44 percent of the Wizards and Verizon Center. His group paid about $310 million for the other 56 percent to create a new entity -- called Monumental Sports & Entertainment -- whose total value is more than $825 million.
The focus, however, was solely on the man at the top. Despite his lofty position, Leonsis is not an entourage man. He walked to the microphone with no introduction and spoke for some 52 minutes, answering a wide range of questions. The contrast with the city's other major sports owners -- the media-shy duo of Dan Snyder (Redskins) and Ted Lerner (Nationals) -- couldn't have been more striking.
The immediate concern for both Wizards and Capitals fans is whether Leonsis can find enough time to devote his full energies to both teams as well as all of his other interests.
"I believe I have the personal bandwidth and the experience to be able to manage all of these assets," Leonsis said. "Yes, I do worry about it. ... I'm going to stop doing some of those [other] things and put my focus on the teams. There's only so many hours in the day."
The Wizards had a bounce back season this year led by Michael Jordan as they reached the Eastern Conference finals. The core of a good group is there already to build on. "We have a very important offseason and are already doing our due diligence on all possibilities. We can make that jump next season. We have a good mix in our roster, but we will look to add some more youth and sustain the long term viability of the franchise." said Leonsis.
Leonsis reiterated that he plans to retain general manager Wes Unseld and coach Doug Collins. He said he is now exchanging e-mails with Michael Jordan his President of Basketball Operations and star player.
"It's very important that Michael is involved in the process this summer. He has been a fantastic addition as a player," Leonsis said. "Michael knows the most important thing for him to do is to stay in shape, to be a great teammate and to be a pillar of our community."
Leonsis indicated he'd like to revive the franchise's old red-based color scheme, which would mirror a similarly popular change he made with the Capitals. But he added "there will be no name change" despite a widespread sentiment that the Wizards should go back to their old nickname, the Bullets.
"I'm shocked with all that we have to do that that's been, like, the No. 1 question, e-mail, message board conversation," Leonsis said.
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