Michael Jordan and Washington Sports Chair Abe Pollin
"have reached an agreement in principle that would give
Jordan control" of the Wizards' basketball operations,
according to Steve Wyche in a front page report in the
WASHINGTON POST. Sources close to the situation said that
the agreement "is not definitive," as an ownership stake in
the team "still needs to be resolved." Capitals co-Owners &
Wizards Minority Owners Ted Leonsis and Jonathan Ledecky
currently hold 44% of Washington Sports & Entertainment, and
they have the right of first refusal buy out Pollin when he
decides to sell his majority share (WASHINGTON POST, 1/14).
In N.Y., Mike Wise writes that the "only holdup" in the deal
is Pollin, who has said that he plans "to retain a majority
ownership in the team." One NBA exec: "Abe's incredibly
stubborn. He's also a smart and shrewd businessman" (N.Y.
TIMES, 1/14). USA TODAY's Greg Boeck writes that though
Pollin "has shown no inclination to sell" the Wizards, he
"appears willing to turn control of the team over to Jordan"
(USA TODAY, 1/14). USA TODAY's David DuPree notes
speculation that Pollin "might sell after next year's All-
Star Game," to be held at the MCI Center (USA TODAY, 1/14).
QUESTIONS: In DC, Eric Fisher writes that NBA sources
and sports industry analysts feel that the deal "raises many
more questions than answers." One potential issue could be
the possible conflict of interest between Jordan and his
agent David Falk and the Wizards players who are also
represented by Falk. Also, "what would happen to [WSE execs]
Susan O'Malley and Wes Unseld?" (WASHINGTON TIMES, 1/14).
THE RIGHT MOVE FOR MJ? MSNBC.com's Bill Walton called
Jordan and the Wizards an "awful fit" and wrote that Jordan
"really doesn't need to take this thankless job even if it
gets him a piece of the team" (MSNBC.com, 1/13). ESPN's
Charley Steiner: "If, and it's a big if, Jordan becomes
involved, he would have an awful lot of work to do. The
Wizards haven't won a playoff game in a dozen seasons,
haven't had a home sellout in the past two" (ESPN, 1/13).
In Chicago, Jay Mariotti writes that Jordan's talks with
Pollin "makes you wonder why the Bulls didn't work a hell of
a lot harder to keep him under their own ownership/
management umbrella" (CHICAGO SUN-TIMES, 1/14).
LINCOLN'S NEW LOG: VA-based Internet consulting firm
Proxicom President & CEO Raul Fernandez has joined Leonsis,
Ledecky and Dick Patrick as an investor and partner at their
holding group, Lincoln Holdings, which owns all of the
Capitals and a stake in Washington Sports (Capitals). In
DC, Eric Fisher puts Fernandez's investment "similar" to
that of Ledecky, who "spent" $60M for a 30% stake in the
Caps and a smaller share of WSE (WASHINGTON TIMES, 1/14).
