ducks
05-24-2005, 07:17 PM
Mystics sold, Johnson becomes WNBA's first black female owner
May 24, 2005
WASHINGTON (AP) -- Former television executive Sheila Johnson became the WNBA's first black female owner Tuesday when she joined a group that purchased the Washington Mystics.
Johnson, co-founder of Black Entertainment Television, became a part-owner of Lincoln Holdings LLC, which purchased the Mystics from Abe Pollin's Washington Sports & Entertainment. Lincoln Holdings, founded by AOL executive Ted Leonsis, owns the NHL's Washington Capitals and is a 45-percent partner in the NBA's Washington Wizards and MCI Center, which Pollin also owns.
The Mystics said Johnson is believed to be the first black woman to be a part-owner of three professional sports franchises. Johnson's stake in Lincoln Holdings is between 5 and 10 percent.
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Leonsis said Johnson will hold the titles of president and managing partner of the Mystics and will represent the team at the board of governors meetings.
``We think it's time for an African-American woman to own a WNBA team,'' Pollin said. ``We sought her out, we think she's perfect to run a team.''
Her former husband, Robert L. Johnson, who co-founded BET with Johnson, is the owner of the Charlotte Bobcats of the NBA. The two divorced in 2002.
Sheila Johnson, who lives about 50 miles from Washington, is the director of the Washington International Horse Show, which is held annually at MCI Center.
``I hope that this is a signal that it's about time that a woman, and an African-American woman, is part of this whole scene of sports,'' Johnson said.
The purchase price for Pollin's share of the Mystics was about $5.5 million, which would put the franchise's worth at about $10 million.
The sale is the latest transfer of Pollin's holdings to Leonsis' group. In 1999, Lincoln Holdings bought the Capitals from Pollin, but Leonsis has said that team has consistently lost money. The Mystics, meanwhile, have led the WNBA in attendance five times since beginning play in 1998.
``I will say that the Mystics are managed and have been running better than the Washington Capitals. At least they're playing and have a shot at making money,'' Leonsis said. ``So it's an honor to be part of a team that is very vital and has been a leader in attendance so many years.
``Sheila really has a unique perspective on business and management and how to drive our sports teams forward,'' he added.
May 24, 2005
WASHINGTON (AP) -- Former television executive Sheila Johnson became the WNBA's first black female owner Tuesday when she joined a group that purchased the Washington Mystics.
Johnson, co-founder of Black Entertainment Television, became a part-owner of Lincoln Holdings LLC, which purchased the Mystics from Abe Pollin's Washington Sports & Entertainment. Lincoln Holdings, founded by AOL executive Ted Leonsis, owns the NHL's Washington Capitals and is a 45-percent partner in the NBA's Washington Wizards and MCI Center, which Pollin also owns.
The Mystics said Johnson is believed to be the first black woman to be a part-owner of three professional sports franchises. Johnson's stake in Lincoln Holdings is between 5 and 10 percent.
ADVERTISEMENT
Leonsis said Johnson will hold the titles of president and managing partner of the Mystics and will represent the team at the board of governors meetings.
``We think it's time for an African-American woman to own a WNBA team,'' Pollin said. ``We sought her out, we think she's perfect to run a team.''
Her former husband, Robert L. Johnson, who co-founded BET with Johnson, is the owner of the Charlotte Bobcats of the NBA. The two divorced in 2002.
Sheila Johnson, who lives about 50 miles from Washington, is the director of the Washington International Horse Show, which is held annually at MCI Center.
``I hope that this is a signal that it's about time that a woman, and an African-American woman, is part of this whole scene of sports,'' Johnson said.
The purchase price for Pollin's share of the Mystics was about $5.5 million, which would put the franchise's worth at about $10 million.
The sale is the latest transfer of Pollin's holdings to Leonsis' group. In 1999, Lincoln Holdings bought the Capitals from Pollin, but Leonsis has said that team has consistently lost money. The Mystics, meanwhile, have led the WNBA in attendance five times since beginning play in 1998.
``I will say that the Mystics are managed and have been running better than the Washington Capitals. At least they're playing and have a shot at making money,'' Leonsis said. ``So it's an honor to be part of a team that is very vital and has been a leader in attendance so many years.
``Sheila really has a unique perspective on business and management and how to drive our sports teams forward,'' he added.