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.