Writer’s Strike End a Boon for Sports Networks, Agencies
Ted Leonsis reportedly made a serious offer for the Washington Nationals and could still wind up with the team.
The owner of the Washington Capitals, Wizards, and Mystics attempted to add to his sports empire in the nation’s capital late last year with a bid over $2 billion, according to the Washington Post.
The Lerner family took the team off the market earlier this year as it navigates lawsuits and negotiations related to MASN, the regional sports network the team shares with the Baltimore Orioles. The family was looking for something in the neighborhood of the $2.4 billion that Steve Cohen paid for the New York Mets, per the Post.
As compensation for the Nationals moving into their area from Montreal in 2005, the Orioles hold a 67% share in MASN, a unique arrangement that has made it more challenging to value the team in sales talks.
The two teams are locked in a court battle over rights fees paid by MASN to the Nationals from 2012-16. The team was paid $197.5 million but is arguing that it was owed $475 million. Leonsis reportedly offered to buy MASN as part of the deal.
Clarity on an appropriate price for the team may be easier to find once the legal dispute is resolved.
Leonsis remains in touch with the team, which is still expected to be sold at some point.
