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AOL exec buys NHL team
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May 13, 1999: 7:53 a.m. ET
AOL Studios' Leonsis buys majority of Capitals, part of NBA's Wizards
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NEW YORK (CNNfn) - America Online executive Ted Leonsis is buying a majority stake in the National Hockey League's Washington Capitals and a minority stake in the National Basketball Association's Washington Wizards.
The transaction announced Wednesday marks a new generation for the Washington teams owned by the 75-year-old Abe Pollin, who bought the Baltimore Bullets - the team that became the Wizards -- in 1964.
Leonsis, the CEO of America Online Studios, made a $200 million investment in the teams. Other investors are expected to follow.
Leonsis, who is in charge of creating and developing original and local content for AOL's online and Web-based brands, started with the company in 1994.
Before joining AOL (AOL), the Georgetown University graduate founded Redgate Communications in 1986.
The transaction is not the first in which a technology executive has become involved in sports ownership. Microsoft (MSFT) co-founder Paul Allen has been involved in the NBA's Portland Trailblazers and the National Football League's Seattle Seahawks.
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