D.C. on hook for additional $10 million for Wizards practice facility
The Wizards are getting a new practice facility.
For some reason, the Wizards have to pay just $4.46 million for it. Washington D.C. will cover the rest.
How much is the rest?
More.Jonathan O’Connell of The Washington Post:
Wizards owner Ted Leonsis pledged to move the team’s practices there as well as home games for the Washington Mystics and a future Wizards’ NBA D-League affiliate team. His company, Monumental Sports & Entertainment, agreed to pay $4.46 million — or 8 percent of the original $55 million cost.
But in a July 26 letter to D.C. Council Chairman Phil Mendelson, Gregory A. O’Dell, president and chief executive of Events DC, wrote that the original $55 million budget was “based on a preliminary estimate, as development and analysis of the program and concept design had not yet been performed.”
So, the District agreed to pay for a project without knowing how much it would cost and got the primary beneficiary -- Leonsis -- to kick in a share based on a low early estimate? It’s almost as if politicians are inept or have ulterior motives.
At least Wizards practices and WNBA games will bring plenty of new money into the community.
As Leonsis said, “There’s never been a better time to be an owner of an NBA franchise.”