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Report: Wiz, arena valued at $550M

Updated: March 25, 2010, 7:11 PM ET
Associated Press

WASHINGTON -- The two sides negotiating the sale of the Washington Wizards have agreed to value the franchise and the Verizon Center at slightly more than $550 million, a significant benchmark in the expected transfer of ownership to Ted Leonsis following the death of longtime owner Abe Pollin.

A person familiar with the negotiations confirmed the figure to The Associated Press on Thursday. The person spoke on condition of anonymity because many facets of the purchase have yet to be completed, ...

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