Wizards Value Soars with Clippers Sale
Stacy M. Brown | 6/10/2014, 3:10 p.m.
It could also enhance television and merchandising revenue, he said.
“Baltimore has to want NBA basketball, there’s no competition, so the Wizards should look to capitalize on that open market,” said Spriggs, who grew up in Northeast.
Ted Leonsis purchased a stake in the franchise in 1999 for $115 million and later acquired the remaining 56 percent share for $310 million.
Prior to the Clippers sale, the Wizards had an estimated value of nearly $500 million, but as a result of Ballmer’s payout, Washington could be worth $1.4 billion.
In an Internet post earlier this year about his ownership of the Wizards and other local franchises, Leonsis said his wife, Lynn, talked him into buying the Wizards and Capitals. He said it’s the best investment he’s ever made.
“Today and for the foreseeable future, the business of sports is booming. Around the globe, the sports industry is outpacing virtually all other sectors of the economy,” Leonsis said. “The sports value chain, including properties, content and events, is solidifying thanks to technology and new mediums for content distribution. The truth of the matter is that the business of sports is really the business of building community. Nothing builds solidarity in a community like winning sports teams.”