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Ted Leonsis Agrees On Price To Purchase Wizards

It's been a disasterous season for the Washington Wizards fans, but they got some much-needed good news today, as current Capitals owner Ted Leonsis has reportedly agreed on a price to purchase the team, according to Thomas Heath of the Washington Post.

Leonsis' is paying approximately $170 million in net value to purchase the remaining 56 percent of the team and the arena, according to sources. The value of the team and the arena is pegged at $550 million.

Sources caution that the agreement isn't final because the two sides still need to agree on non-financial issues such as building operations. 

The talks between the two sides quickened after the Wizards made cost-cutting moves to deal Antawn Jamison, Caron Butler, Brendan Haywood and DeShawn Stevenson at the NBA's trade deadline, thereby clearing enough salary to get them under the luxury tax.

Longtime Wizards owner Abe Pollin passed away in November. Leonsis had purchased the Capitals and 44 percent of the Wizards back in 1999, and he had agreed on a process to purchase the remaining shares of the team with Pollin then.