Who Owns The Washington Wizards?
Ted Leonsis currently owns the Washington Wizards. Leonsis is the majority owner of Monumental Sports & Entertainment, which also owns the NHL’s Washington Capitals and the WNBA’s Washington Mystics.
Leonsis bought the Wizards in 2010 for $550 million. Before that, the team was owned by AOL co-founder Jim Kimsey from 1983 to 2001, then by Abe Pollin from 2001 until he died in 2009. Pollin’s widow Irene then ran the team until selling it to Leonsis.
According to Forbes, as of the 2022-2023 season, the Washington Wizards are worth $2.5 Billion dollars. This makes them the 14th most valuable National Basketball Association (NBA) franchise.
About The Washington Wizards Franchise
The Washington Wizards are an American professional basketball franchise based in Washington, D.C. The Wizards compete in the National Basketball Association (NBA) as a member of the league’s Eastern Conference Southeast Division. The team plays its home games at the Capital One Arena in the Chinatown neighborhood of Washington, D.C.
The franchise was established in 1961 as the Chicago Packers based in Chicago, Illinois, and were renamed to the Zephyrs the following season. In 1963, they relocated to Baltimore, Maryland, and became the Baltimore Bullets, taking their name from a previous team of the same name that played in that city from 1947 to 1954. In 1973, the team changed its name to the Capital Bullets to reflect their move to Landover, Maryland, in suburban Washington, D.C. In 1997, they rebranded themselves as the Wizards.
The Wizards have appeared in four NBA Finals and won in 1978. They have had a total of 31 playoff appearances, won four conference titles (1971, 1975, 1978, 1979) and eight division titles (1969, 1971, 1972, 1973, 1974, 1975, 1979, 2017). The franchise has produced several notable players who went on to have successful careers elsewhere in the NBA, including Hall of Famer Earl Monroe and All-Stars Spencer Haywood, Gus Williams, and Rick Mahorn.