Ted Leonsis
Theodore John Leonsis is an American businessman. He is a former senior executive with America Online and the founder, chairman, and CEO of Monumental Sports & Entertainment, which owns the NHL's Washington Capitals, the NBA's Washington Wizards, the WNBA's Washington Mystics, and Monumental Sports Network.
Leonsis graduated from Georgetown University in 1977. He has served on the board of directors at Georgetown University and also served a brief tenure as the mayor of Orchid, Florida., he held a net worth of $2.8 billion.
As CEO of Monumental Sports, he has threatened to move his teams out of Washington, D.C., in a bid to secure public money for his company. In 2023, Virginia governor Glenn Youngkin agreed to give the company $1.35 billion—the largest public stadium subsidy of its kind—to move the Wizards and Capitals to Alexandria, Virginia. Virginia state and local politicians rejected the proposed deal.
Early life and education
Leonsis was born on January 8, 1957, in the Brooklyn borough of New York City to a family of working-class Greek immigrant grandparents, who were mill workers, and parents who worked as a waiter and a secretary. When his high school guidance counselor evaluated his skill set, the counselor concluded that young Ted was destined to work in a grocery store.He attended Brooklyn Technical High School, before moving to Lowell, Massachusetts, where he graduated from Lowell High School in 1973. He was first in his family to go to a university, where he attended Georgetown University to pursue his undergraduate studies majoring in American Studies, and graduated in 1977 at the top of his class.
Early business career
After graduating from college, he moved back to his parents' home in Lowell and began working for Wang Laboratories as a corporate communications manager and Harris Corp. as a marketing executive.Leonsis left Harris Corporation in March 1981. He started LIST, a magazine focused on personal computing. He raised $1 million in seed capital with his partner Vincent Pica. The first issue of the magazine was published in 1982. Two years later, he sold the company to Thomson Reuters for $40 million, netting him $20 million.
AOL
In 1987, Leonsis established the PR company Redgate Communications Corporation. When the organization was acquired by America Online in 1994, Leonsis began working with AOL as a senior executive, remaining with the company for 13 years. He held numerous positions at AOL before retiring in 2006 as the audience group's president and vice-chairman.Sports ownership
Leonsis is the founder, majority owner, chairman and CEO of Monumental Sports & Entertainment, which owns the NHL's Washington Capitals, NBA's Washington Wizards, NBA G League's Capital City Go-Go, WNBA's Washington Mystics, and formerly the AFL's Washington Valor and Baltimore Brigade. Monumental Sports owns the Capital One Arena in Washington, D.C., and manages the MedStar Capitals Iceplex and George Mason University's EagleBank Arena.Arena partnership
In 2023, Leonsis threatened to move the Washington Wizards and Capitals from the District of Columbia unless the city provided $600 million in public funding for a major renovation of Capital One Arena. Mayor Muriel Bowser offered $500 million towards the proposed $800 million project to modernize the aging downtown arena for the Washington Wizards and Capitals. In December 2023, Leonsis and Virginia Governor Glenn Youngkin announced that Virginia would offer more than $1.35 billion in taxpayer money to build a new venue for the Capitals and Wizards in Alexandria, Virginia, marking the largest public subsidy for such a project. Economists criticized Leonsis's actions as extortion, while scholars generally agree that stadium subsidies offer minimal economic benefits, contrary to the claims made by Monumental Sports & Entertainment.When Virginia's legislation for a stadium authority was not approved, Leonsis and Mayor Bowser reached an agreement to keep the teams at Capital One Arena. If the Youngkin-Leonsis deal had not been rejected by lawmakers, it would have the largest public stadium subsidy of its kind.
Washington Capitals
Leonsis has owned the Washington Capitals since the spring of 1999, and in that timeframe the team has won seven Southeast Division titles, six Metropolitan Division titles, three Presidents' Trophies, recorded more than 200 consecutive sellouts at Verizon Center, and won a Stanley Cup championship.In the early years of his ownership, the Capitals won back-to-back Southeast Division titles in 2000 and 2001, but lost in the first round of the playoffs to the Pittsburgh Penguins. In summer 2001, the Capitals traded for Jaromír Jágr and signed him to what was, at the time, the largest contract in NHL history. The trade was enthusiastically well received by fans and over 300 people showed up at Dulles International Airport to greet Jágr when he arrived. After Jágr was traded in 2004, Leonsis was criticized by fans. He was involved in a physical altercation with a fan, who led a mocking chant of Leonsis during the game and hoisted a sign chiding him. In the altercation, Leonsis grabbed and threw the fan to the ground, which also caused a young child to fall to the ground. For his involvement in the scuffle, Leonsis was fined $100,000. He also received a suspension of one week, during which he was prohibited from having any contact with the team. After the incident, Leonsis personally called the fan to apologize for his actions and invited him and his family to watch a game in the owner's box.
In 2007, he changed the Capitals team logo and its colors back to their original red, white, and blue.
File:Ted Leonsis, John Wall and Flip Saunders.jpg|thumb|240px|Leonsis watches Wizards player John Wall in 2010
In 2010, journalist Damien Cox, author of the Ovechkin Project, a biography of Alexander Ovechkin, wrote that Leonsis was trying to circumvent the NHL's salary cap when signing Ovechkin's contract. He also alleged that Leonsis was bribing bloggers for positive coverage of the Capitals. Leonsis said that Cox was angry that he did not receive the access to Ovechkin that he wanted and defended his support for the league.
During the 2009–2010 season, the Capitals earned the NHL's Presidents' Trophy as the team that finished with the most points in the league during the regular season.
The 2010–2011 season marked the highest attendance in franchise history, drawing 754,309 fans. The Capitals, like other teams, have raised ticket prices in recent years. In 2011, after raising ticket prices for the fourth consecutive year while shrinking the size of beers sold at the Verizon Center, he earned the nickname "Leon$i$". In 2001, Leonsis claimed to have written a computer program that prevented Pittsburgh Penguins fans from purchasing tickets online. When asked if the actions were unfair, Leonsis stated, "I don't care. I'm going to keep doing it." Again in 2009, he received criticism for preventing visiting team fans from purchasing Capitals playoff tickets.
File:Stanley Cup Parade.jpg|thumb|Leonsis with Brooks Orpik and Alexander Ovechkin during the 2018 Stanley Cup championship parade
In the face of community opposition, Leonsis has persisted with a plan to expand the billboards around the Verizon Center. Critics said the signage would make the arena more garish and cheapen DC's Chinatown, Leonsis said it was necessary to raise an additional $20 to 30 million in annual revenue, and a sports expert explained that "an owner saddled with underperforming teams is under greater pressure to find income sources." Leonsis persevered and in March 2013 construction of the new signs were announced.
On June 7, 2018, the Washington Capitals won the Stanley Cup championship by defeating the Vegas Golden Knights four games to one. This was the first Stanley Cup victory in the Capitals' history.
Washington Wizards
Leonsis became the majority owner of the Washington Wizards in June 2010, inheriting a team that had 26 wins and 56 losses during the previous season. Leonsis was initially believed to have taken a fan-centric approach to running the franchise, thought to be listening and responding to the concerns of Wizards supporters through his email and personal website.After purchasing the Wizards, Leonsis criticized the NBA's salary cap at a luncheon with business leaders. In 2010, the league fined him $100,000 for "unauthorized public comments regarding the league's collective bargaining negotiations."
In May 2011, the Wizards unveiled a red, white, and blue color scheme, along with uniforms reminiscent of those worn by the team under their former name, the Bullets, when they won the NBA championship in 1978. Additionally, he considered restoring the Bullets name to the franchise, though critics said that this would "send the wrong message" about gun violence in Washington.
Leonsis was chairman of the NBA's 2014 media committee that negotiated a nine-year expanded partnership with Turner Broadcasting and The Walt Disney Company.
During Leonsis' tenure as owner, Washington ranks 24th of the 30 NBA franchises in winning percentage. The Wizards have missed the playoffs in eight of 13 seasons, have posted a.500 or worse record nine times, and have never advanced to the Eastern Conference finals.