Wizards’ owner Leonsis confirms team lost money last year

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Not really shocking, especially considering Wizards owner Ted Leonsis has said he wants a hockey-like financial system for the NBA, but he admitted that his team was one of the challenged teams last season.

“We lost money last year,” Leonsis told CSNWashington.com.

After that, having learned the price of an owner speaking out of turn last time he got fined, Leonsis spoke in vague generalities about the NBA labor situation.

“I’m not authorized and I’m not involved, so I can’t really comment on it. I trust in David Stern…” Leonsis said. “Certainly here in Washington we want to play, and hopefully they come to a positive resolution.”

We want to add, payroll should not be the Wizards biggest financial issue — they had a payroll of $57.2 million last season. That’s below even the proposed hard cap — er, sorry, “flex cap” — number the owners put forward of $62 million. Leonsis and the Wizards could spend that much next season again.

For them the issue is revenue. And while Leonsis can complain about the 57-43 split of Basketball Related Income he should also be pushing for much more revenue sharing amongst owners. He needs to find a way to bring in more money, not simply reduce expenditures. He didn’t expend that much. If he honestly wants to field a team that wins in future years his payroll is going to push up against whatever the new cap is, not go down.