Leonsis' Bid For Wizards, Verizon Center Heads To Arbitration
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Leonsis, Pollin Estate Unable To Agree
On Price For Wizards, Verizon Center |
Capitals Owner Ted Leonsis and the estate of Abe Pollin have "failed to reach agreement on a price" for the Wizards and Verizon Center, "automatically leading the two sides to start an appraisal process that could lead to a deal," according to Thomas Heath of the WASHINGTON POST. Reps for both sides have been negotiating for the past 10 days, "attempting to reach a value for the NBA team and the arena so Leonsis" and his Lincoln Holdings investment group can purchase the 56% of the Wizards and Verizon Center that they do not already own. The coming days "could be key as both sides jockey for a price." The acquisition is "crucial for Leonsis because Verizon Center generates revenue that could put an end to a decade of losses for his Capitals franchise." Sources indicated that if the two appraisers "cannot agree on the value for the team, they together would pick a third appraiser." Two sources said that Leonsis at that point either could "agree to pay the amount set by the third appraiser, or take his chances that the estate might find another bidder willing to pay more." Those sources noted that Leonsis "has a right to match an offer from an outside party," and if he does not match an outside offer, Lincoln Holdings has the right to sell its 44% of the assets (WASHINGTON POST, 1/21).
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