What is Ted Leonsis' net worth? Closer look at Washington Wizards owner's business empire

Amid reports that Ted Leonsis plans to relocate the Washington Wizards and the Washington Capitals to Virginia, many have sought additional information on the successful businessman.

Leonsis, aged 66, is the founder, majority owner and the CEO of Monumental Sports & Entertainment, the parent company of the Wizards, Capitals and Washington Mystics. Monumental Sports also owns the Capital One Arena in Washington, D.C.

Additionally, Leonsis co-founded the venture capital firm Revolution Growth where he remains a partner with the firm. However, he established most of his wealth working almost 14 years as a senior executive for the American web portal and online service provider AOL.

As of Dec. 12, 2023, Ted Leonsis has a net worth of $2.8 billion, according to Forbes.

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When will Ted Leonsis move the Wizards and Capitals to Virginia?

Per ESPN’s Adrian Wojnarowski, Ted Leonsis will take part in an event alongside Virginia governor Glenn Youngkin on Wednesday. There he is expected to announce his plan to relocate the Wizards and Capitals to Northern Virginia.

The NBA and NHL teams will reportedly move to Alexandria's Potomac Yard neighborhood where a new arena will undergo construction. The eventual stadium will be shared by the Wizards and the Capitals.

The development project will also include hotels, a music venue and a new headquarters for Monumental Sports.

According to the Washington Post, Virginia State legislators voted in favor of the new arena’s construction on Monday. However, a final vote from the state’s general assembly is still required.

If the proposal is fully approved, construction will reportedly begin in 2025, with the Wizards and Capitals officially relocating to Virginia in 2028.

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