Ted Leonsis | |
|---|---|
 Leonsis in 2013 | |
| Born | (1957-01-08)January 8, 1957 (age 68) New York City, U.S. |
| Alma mater | Georgetown University |
| Title | Owner ofMonumental Sports & Entertainment Founder ofSnagfilms Former President and Vice-Chairman ofAOL |
| Spouse | [1] |
| Children | 2[1] |
| Website | tedstake |
Theodore John Leonsis (born January 8, 1957) is an American businessman. He is a former senior executive withAmerica Online (AOL) and the founder, chairman, andCEO ofMonumental Sports & Entertainment, which owns the NHL'sWashington Capitals, the NBA'sWashington Wizards, the WNBA'sWashington Mystics, andMonumental Sports Network.
Leonsis graduated from Georgetown University in 1977. He has served on the board of directors atGeorgetown University and also served a brief tenure as the mayor ofOrchid, Florida. As of 2023[update], he held anet worth of $2.8 billion.[2]
As CEO of Monumental Sports, he has used the threat of leavingWashington, D.C. to demand that District of Columbia taxpayerssubsidize the operations of his D.C.-based teams. In 2023, Lenosis entered into an agreement with Virginia governorGlenn Youngkin to relocate the Washington Wizards and Capitals from the District of Columbia to Alexandria, Virginia at a proposed cost of $1.35 billion for Virginia taxpayers. However, Virginia state and local politicians rejected what would have been the largest publicstadium subsidy of its kind.[2]
Leonsis was born on January 8, 1957, in theBrooklyn borough ofNew York City, to a family of working-class Greek immigrant grandparents, who were mill workers,[3][4] and parents who worked as a waiter and a secretary.[5] When his high school guidance counselor evaluated his skill set, the counselor concluded that young Ted was destined to work in a grocery store.[6]
He attendedBrooklyn Technical High School, before moving toLowell, Massachusetts, where he graduated fromLowell High School in 1973.[7] He was first in his family to go to university, where he attendedGeorgetown University to pursue his undergraduate studies majoring in American Studies, and graduated in 1977 at the top of his class.[3][8][9]
After graduating from college, he moved back to his parents' home in Lowell and began working forWang Laboratories as a corporate communications manager andHarris Corp. as a marketing executive.[7][10][11][12]
Leonsis left Harris Corporation in March 1981. He startedLIST, a magazine focused on personal computing.[13] He raised $1 million in seed capital with his partner Vincent Pica.[14] The first issue of the magazine was published in 1982.[13] Two years later, he sold the company toThomson Reuters for $40 million, netting him $20 million.[13][15]
In 1987, Leonsis established the PR company Redgate Communications Corporation.[16] When the organization was acquired byAmerica Online (AOL) in 1994, Leonsis began working with AOL as a senior executive, remaining with the company for 13 years.[17] He held numerous positions at AOL before retiring in 2006 as the audience group's president and vice-chairman.[18]
Leonsis is the founder, majority owner, chairman and CEO ofMonumental Sports & Entertainment, which owns theNHL'sWashington Capitals,NBA'sWashington Wizards,NBA G League'sCapital City Go-Go,WNBA'sWashington Mystics, and formerly theAFL'sWashington Valor andBaltimore Brigade. Monumental Sports additionally owns theCapital One Arena in Washington, D.C.,[19] and manages theMedStar Capitals Iceplex andGeorge Mason University'sEagleBank Arena.[20]
In 2023, Ted Leonsis considered relocating the Washington Wizards and Capitals from the District of Columbia, seekingpublic funding for a major renovation ofCapital One Arena. MayorMuriel E. Bowser offered $500 million towards the $800 million project, Leonsis and Virginia Governor Glenn Youngkin later announced a partnership in December.[21] This plan included more than $1.35 billion in public funding from Virginia to build new stadiums for the Capitals and Wizards in Alexandria, Virginia, alongside a practice facility, a performance arts venue, and Monumental Sports & Entertainment's headquarters. However, 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 in D.C..[2][22][23][24][25][26] If the Youngkin-Leonsis deal had not been rejected by lawmakers, it would have the largest publicstadium subsidy of its kind.[2]
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 (now Capital One Arena), and won a Stanley Cup Championship.[27][better source needed]
In the early years of his ownership, the Capitals went on to win back-to-back Southeast Division titles in 2000 and 2001, but lost in the first round of the playoffs to thePittsburgh Penguins. In summer 2001, the Capitals traded forJaromír 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.[28] After Jágr was traded in 2004, Leonsis was criticized by fans.[29] 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 $100,000. He also received a suspension of one week, during which he was prohibited from having any contact with the team.[30] After the incident, Leonsis personally called the fan to apologize for his actions and invited him and his family to watch a game in the owner's box.[31]
In 2007, he changed the Capitals team logo and its colors back to their original red, white, and blue.
In 2010, journalistDamien Cox, author of theOvechkin Project, a biography ofAlexander Ovechkin, wrote that Leonsis was trying to circumvent the NHL's salary cap when signing Ovechkin's contract.[32] He also alleged that Leonsis was bribing bloggers for positive coverage of the Capitals.[33] Leonsis said that Cox was angry that he did not receive the access to Ovechkin that he wanted and defended his support for the league.[34]
During the 2009–2010 season, the Capitals earned the NHL's President's Trophy as the team that finished with the most points in the league during the regular season.[35]
The 2010–2011 season marked the highest attendance in franchise history, drawing 754,309 fans.[36] The Capitals, like other teams, have raised ticket prices in recent years.[37][38] In 2011, after raising ticket prices for the fourth consecutive year while shrinking the size of beers sold at the Verizon Center, he earned the nickname "Leon$i$".[39] In 2001, Leonsis claimed to have written a computer program that prevented Pittsburgh Penguins fans (the Capitalsfirst-round opponent) from purchasing tickets online. When asked if the actions were unfair, Leonsis stated, "I don't care. I'm going to keep doing it."[40] Again in 2009, he received criticism for preventing visiting team fans from purchasing Capitals playoff tickets.[41]
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In the face of community opposition, Leonsis has persisted with a plan to expand the billboards around the Verizon Center.[42] Critics said the signage would make the arena more garish and cheapenDC'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."[43][44][45] Leonsis persevered and in March 2013 construction of the new signs were announced.[44]
On June 7, 2018, the Washington Capitals won the Stanley Cup Championship by defeating theVegas Golden Knights 4 games to 1. This was the first Stanley Cup victory in the history of the Washington Capitals.
Leonsis became the majority owner of theWashington Wizards in June 2010, inheriting a team that had 26 wins and 56 losses during the previous season.[46] 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.[47]
After purchasing the Wizards, Leonsis criticized the NBA'ssalary 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."[48]
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 theNBA Championship in1978.[49] Additionally, he had taken under consideration restoring the Bullets name to the franchise,[50] though critics said that this would "send the wrong message" aboutgun violence in Washington.[51]
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.[52]
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.[53]
Leonsis purchased the rights to theWashington Mystics, aWomen's National Basketball Association team, around the same time he took over the Wizards.[54]
On March 10, 2016, Leonsis announced that he was purchasing anexpansion franchise in theArena Football League (AFL) to play at the Verizon Center beginning in 2017. On March 16, 2016, the announcement was made official by AFL commissionerScott Butera.[55] On July 14, 2016, the team name was revealed as theWashington Valor.[56] On November 14, 2016, Monumental announced that it had acquired an AFL team that would begin play in 2017 inBaltimore.[57] The team name was later revealed as theBaltimore Brigade. But in 2019, those teams went defunct, as the league wentbankrupt and dissolved.
In 2018, Leonsis announced the purchase of anNBA G League franchise that would be later named theCapital City Go-Go.
Leonsis was the founder, chairman and largest shareholder of the defunctSnagFilms, a content and technology company with a full-service video streaming platform. The company owned indieWIRE, a news site, until 2016.[58] His first production was the documentaryNanking, which premiered at the 2007Sundance Film Festival.[59] The film is based on the bookThe Rape of Nanking byIris Chang. It was honored with the 2008Peabody Award[60] and the 2009News & Documentary Emmy Award for Best Historical Programming (Long Form).[61]
In 2008, Leonsis producedKicking It, which is a documentary by Susan Koch about the 2006Homeless World Cup. The film was narrated by actorColin Farrell and featured residents ofAfghanistan;Kenya;Dublin, Ireland;Charlotte, North Carolina;Madrid; andSaint Petersburg. The film premiered in January 2008 at theSundance Film Festival.[62] A third documentary,A Fighting Chance, tells the story ofKyle Maynard, who became a nationally ranked wrestler, motivational speaker, and bestselling author, despite being born without arms or legs.[63] In 2013, Leonsis produced the documentaryLost for Life, which explores juvenile offenders who have been sentenced to life without parole.[64]
Leonsis founded Revolution Money, a company which provides secure payments through an Internet-based platform. In 2009, the company was sold to American Express; Leonsis is now on the board of directors at American Express. He is cofounder and partner in the D.C.-based venture fund, Revolution Growth,[27][65] and chairman of Clearspring Technologies.[66] He is co-inventor ofOnly In New York, a board game about New York City.[66][67] Leonsis is a member of the investment group, aXiomatic, which ownsTeam Liquid, a competitive eSports Team.[68]
Leonsis is married since August 1987 to Lynn Leonsis and they have a son and a daughter.[1][69][70]
As of February 2025,Forbes estimates his net worth at $3.1 billion.[71] In early 2011, Leonsis purchased a 13-acre estate inPotomac, Maryland. He acquired the property for $20 million after selling homes inMcLean, Virginia andVero Beach, Florida.[72] The 20,000-square-foot (1,900 m2) estate was once the home ofJoseph P. Kennedy,[73] summer home ofFranklin Roosevelt,[74] and was owned by the Gore family from 1942 to 1995.[75] Leonsis purchased the home from Chris Rogers, a telecommunications executive[76] who acquired Leonsis' home in McLean. Leonsis is the former owner of a 40-foot yacht.[77]
Leonsis has authored a number of books, includingBlue Magic: The People, Power and Politics Behind the IBM PC andThe Business of Happiness: 6 Secrets to Extraordinary Success in Work and Life.[65]
He was on the board of directors for Georgetown University in 2008–2009.[78] Leonsis is the founder of the Leonsis Foundation, which supports children "overcome obstacles and achieve their goals".[79]
Leonsis once served as the mayor ofOrchid, Florida.[citation needed] Leonsis got involved in politics after he ran a friend's campaign for Congress and worked as an intern forPaul Tsongas's office in Washington, D.C.[7] He has donated to the campaign ofBarack Obama during his 2008 and 2012 elections andHillary Clinton in 2016.[80][81][82][83][84]
Leonsis was vice chairman of Washington 2024, the region's bid for Summer 2024 Olympic and Paralympic Games. In June 2014 the United States Olympic Committee identified Washington and three other cities as potential locations. The USOC ultimately selected Los Angeles, which lost the 2024 bid, but was awarded the2028 Summer Games.
Leonsis Index to Software Technology.
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