Local Digest

Leonsis, Pollin firm at odds on purchase of Wizards

Friday, January 29, 2010


Pollin's firm, Leonsis at odds on Wizards

Washington Capitals owner Ted Leonsis said he offered one of the highest prices ever for a National Basketball Association team in his negotiations to take full ownership of the Washington Wizards and Verizon Center from the estate of the late Abe Pollin.

In making his first public comments about the negotiations, in his blog at tedstake.com, the former AOL mogul asserted that he has exclusive rights to pursue a deal and pointed out that his Lincoln Holdings company already owns 44 percent of Washington Sports and Entertainment, the Pollin holding company that owns the remaining 56 percent of the Wizards, Verizon Center and the local Ticketmaster franchise.

Pollin's company told employees this week that no exclusive right exists. Leonsis said he was surprised by that announcement.

-- Thomas Heath


Mild autumn chills Dominion profit

Power company Dominion Resources said its fourth-quarter profit fell 53 percent, hurt by warmer-than-normal weather in the fall and higher costs from unplanned outages at its power generating stations. The Richmond-based company earned $165 million, compared with $348 million a year earlier. Revenue fell 22 percent, to $3.3 billion.

-- Associated Press

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