Ted Leonsis signs purchase agreement for the Wizards

WASHINGTON - APRIL 28: Ted Leonsis, the owner of the Washington Capitals, watches his team's 2-1 loss to the Montreal Canadiens in Game Seven of the Eastern Conference Quarterfinals during the 2010 NHL Stanley Cup Playoffs at the Verizon Center on April 28, 2010 in Washington, DC. (Photo by Bruce Bennett/Getty Images)

Ted Leonsis is one step closer to owning the Wizards and the Verizon Center.  

Washington Post's Breaking News Blog reports that Leonsis has signed an agreement to buy the remaining 56% of the Wizards and the Verizon Center.  All Ted has to do now is get everything lined up with his lenders and get approval from the other NBA owners and the team is his.  Just think, we're now only one step away from turning a long-known formality into reality.

As long as everything holds to form, Leonsis should be in firm control of the team in time for the 2010 off-season, which would obviously be the best thing for Leonsis, the Pollin family, and everyone else involved in this transaction.

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