The Era of Ted Leonsis?

Ted Leonsis could soon be the owner of the Washington Wizards.

Leonsis bought the Capitals, as well as a share of the Wizards and what was then called MCI Center -- it was renamed in 2006 -- from Pollin in 1999. Leonsis's stake in Washington Sports has gradually increased over the years and now stands at 44 percent, which includes ownership of the WNBA's Mystics. At the time he bought the hockey team, Leonsis and Pollin set conditions that would allow Leonsis an exclusive period to negotiate a purchase of the basketball team and Verizon Center upon Pollin's death, according to a memo that the Pollin organization sent to the staff of Washington Sports & Entertainment.

"It's important that you all know that Mr. Pollin was very careful and wise when he planned for this day," according to the memo, a copy of which was obtained by The Washington Post. "He put a specific transition plan in place, so that, when this time came, there would be an orderly transition.

"When Ted Leonsis and his partners purchased the Washington Capitals and a minority interest in Washington Sports & Entertainment Limited Partnership in 1999, Mr. Leonsis was also granted an option to purchase the remainder of Mr. Pollin's interests in Washington Sports," according to the memo. "At the time of the 1999 purchase, a process was established for the exercise of this purchase option. That process will begin now and it will move forward as expeditiously and prudently as possible while respecting the Pollin family."

Right now, the Wizards majority owner is Abe Pollin's widow Irene, with her two sons Robert and James as senior officials on the team. Leonsis was given an exclusive negotiating period to buy the team, though he can still buy it once that exclusive period ends and the team is up for sale to the highest bidder. At stake is not only the Wizards, but also the Verizon Center, which could help Leonsis become a money-making franchise owner.

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