We’re getting closer to the finalized sale of the Washington Wizards from Abe Pollin‘s family to Capitals owner Ted Leonsis. There are mixed emotions around Verizon Center, of that you can be sure, too, because while the Pollin legacy is absolutely enormous, in Washington and beyond, the sale of the team has tied the hands of the front office, which wants to move on to the offseason and next year as quickly as possible after the debacle of this past season. As soon as Leonsis and co. are in place, that can happen. But not as long as the Pollins are in charge, because they haven’t been able to approve anything regard the draft or trades or free agency since they were selling the team.
Anyway, here’s the statement from Robert and James Pollin:
“We are announcing today that we have reached an agreement on the major economic terms to sell our family’s share of the Washington Wizards, Verizon Center and related Washington Sports businesses to Ted Leonsis and his partners at Lincoln Holdings.
First and foremost, this is a moment at which we wish to honor Abe Pollin, our late father, and all that he accomplished along with our mother Irene Pollin in the world of professional sports. Abe and Irene Pollin bought the Baltimore Bullets in 1964. They maintained ownership of the Bullets and Wizards for the next 46 years, becoming the longest-serving owners in NBA history. Over these years, Abe and Irene were responsible for creating two arenas for the Washington area, first the Capital Centre, then the Verizon Center. They also brought three professional sports franchises to Washington, the Capitals and Mystics, as well as the Wizards. Throughout all these years, they also made innumerable contributions to our community, from feeding the hungry, revitalizing entire neighborhoods, and opening the Verizon Center for the District’s high school basketball championship games.
But Abe and Irene could not have accomplished all this on their own. We therefore also honor today the incredibly capable, dedicated and decent people who have worked alongside Abe and Irene over all these years. We will soon be announcing further plans to celebrate in high style the many achievements and good times we have all shared, and to bring the broader DC community into this celebration.
We join our mother Irene, the sole principal owner of the franchise today, in congratulating Ted Leonsis and his Lincoln Holdings partners on reaching this near-final step in a long negotiation. All three of us look forward to them enjoying many years of success on the court and in the community with this wonderful franchise.”
And here’s what Leonsis just said on his blog:
“Here is a nice story today in the Washington Post about our ongoing negotiations with the Pollin family.
I have always felt confident that everyone associated with this negotiation would do the right thing the right way. And they have across the board.
The Pollin family has always had the best interests of the community; their employees; and their teams front and center. We can learn a lot from them as to how to own and operate a public trust.
I was most appreciative for their best wishes and for the kind words. Once the deal is official; blessed by the NBA, WNBA and NHL; and we conclude the deal we will have formal and official communications with all constituencies. For now, I am very grateful to Robert Pollin for going on record with an update regarding our deal negotiations. Thank you.”
