Ted Leonsis' $10 Billion Sports Empire: Capitals and Wizards' Move to Virginia Raises Questions
Ted Leonsis, owner of the NBA's Washington Wizards and the NHL's Washington Capitals, is pursuing his vision of creating a $10 billion sports empire centered around Washington, D.C. Leonsis plans to move both teams to Alexandria, Virginia, as part of a $2 billion entertainment complex, while also investing in a new global headquarters for his company. He aims to build the world's most valuable regional sports and entertainment company, with a focus on local teams, venues, and networks. Leonsis is open to acquiring additional teams in the area and sees the potential for a future IPO if the company reaches high revenue run rates and valuation.