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GREAT NEWS! Ted Leonsis agrees on price to purchase the Wizards

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In what is probably the best news we have received all season, Ted Leonsis and the estate of Abe Pollin have agreed on a price for Leonsis' group to complete their purchase of the Wizards.

Thomas Heath of the Washington Post reports:

Washington Capitals owner Ted Leonsis and the estate of sports entrepreneur Abe Pollin have reached an agreement on a price for Leonsis to purchase the Washington Wizards and Verizon Center, overcoming the single biggest obstacle in his path to take ownership, according to several sources familiar with the negotiations.

The entire value of the team and arena is pegged around $550 million, according to sources, though the exact cost to Leonsis's group is far less than that because it already owns 44 percent. 

The deal could still potentially fall apart, but only "if the sides fail to reach agreement on other, non-financial issues such as the operations of the arena in the period before Leonsis takes control," according to Heath.

It appears Leonsis' group is buying the rest (56 percent) of the team and Washington Sports and Entertainment for $170 million, once you account for the $250 million debt on the arena.

This is great news! Happy days are on the way!