Leonsis Turns To Comcast For Financing To Buy Wizards

Leonsis Approaches Comcast As He Looks To Secure Financing To Buy Major Interest In WSE

Comcast is "one of several companies that have been approached" by Capitals Owner Ted Leonsis as he "looks to secure financing to buy majority interest" in Washington Sports & Entertainment (WSE), the holding company for the Wizards and Verizon Center, according to Ourand & Lombardo of SPORTSBUSINESS JOURNAL. Leonsis contacted Comcast "late last year to gauge its interest in extending the Capitals' television rights package with Comcast SportsNet Mid-Atlantic." One way for Leonsis to finance the deal for the Wizards "could be to have Comcast front money to help pay" for the 56% of WSE Leonsis is seeking to buy "in exchange for extending the Capitals TV deal." In addition to holding the Capitals' TV rights, CSN Mid-Atlantic "holds the local TV rights for the Wizards." Comcast-Spectacor's Global Spectrum arena management division "could be hired to manage Verizon Center." Ownership of the Verizon Center is a "crucial important component for Leonsis, who pays rent as a tenant with the Capitals." Ourand & Lombardo note talks with Comcast are "in the early stages," as the two sides "have met twice" (SPORTSBUSINESS JOURNAL, 1/25 issue).