Unlike the sale 3,000 miles away in the Bay Area, there are no real secrets about the sale of the Washington Wizards.
When owner Abe Pollin died it was already agreed his estate was going to try to sell the team and the building to Washington Capitals owner Ted Leonsis. Today they cleared one of the biggest hurdles, agreeing to a price — a cool $550 million, according to the Washington Post.
The sources cautioned that the deal could fall apart if the sides fail to reach agreement on other, non-financial issues such as the operations of the arena in the period before Leonsis takes control. But reaching a price was critical to clearing the way for Leonsis’s eventual ownership, sources said.
“The financial terms are tentatively agreed to,” said one high-level negotiator for the Pollin side, who spoke on condition of anonymity for fear of upsetting the talks. “In every complex legal agreement, there are significant non-financial terms. The parties are negotiating those in good faith. I certainly hope we will cross the finish line. But no guarantees.”
If this goes through, Leonsis will be one of the biggest power brokers in Washington sports. He will own the Wizards, the Capitals and the state-of-the-art building they play in (which also hosts some concerts and other events), as well as the WNBA’s Mystics.
Leonsis and Pollin had plans for this sale since Leonsis bought the Caps 11 years ago. That’s why he stuck with the Capitals despite a horrible revenue deal with the late Pollin — the Capitals saw no money from the luxury suits or club seats in the building. In modern hockey and basketball, those two areas along with sponsorships are the key economic drivers. Regular ticket sales matter, but suites are the backbone.
Kevin Love drips snot all over his face, maybe into his mouth (video)
NEW YORK (AP) — Derrick Rose is missing the New York Knicks’ game against Cleveland because of lower back pain.
Rose left the Knicks’ victory over Miami on Tuesday in the third quarter with back spasms. Coach Jeff Hornacek says Rose still felt sore on Wednesday when he came in and met with team doctors, so they sent him for an MRI exam to make sure there was no structural damage.
Rose is averaging 16.7 points and this is the first game he’s missed this season.
Matt Barnes and DeMarcus Cousins have just been SUED over the nightclub brawl at Avenue in NYC this week … with the alleged victims claiming they were brutalized by the NBA stars.
According to the lawsuit filed in NYC, Jasmine Besiso and Myrone Powell claim they were innocently hanging out when Barnes approached Jasmine and began to choke her.
In the suit, Powell says he saw the attack and tried to intervene but that’s when Cousins stepped in and punched him in the face.
At that point, Barnes allegedly released Jasmine’s neck and elbowed her in the face — knocking her unconscious. Myrone claims he was taken to the ground and Barnes and Cousins proceeded to kick and punch him in the head and body.
A rep for the alleged victims calls the incident a “vicious and unprovoked attack” And says Cousins’ initial blow was a “blindside punch.”
The rep also says the two were transported by ambulance to a nearby hospital where they were treated for “serious injuries.”
It’s important to remember there’s no burden of proof for filing a lawsuit. This is not an indication of Barnes’ and Cousins’ liability or guilt. As of last update, police are still investigating, and Barnes’ attorney has said his client was cooperating.