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Theodore John Leonsis (born January 8, 1957) is an American businessman and sports team owner. He is a former senior executive with America Online (AOL) and the founder, chairman, and CEO of Monumental Sports & Entertainment, which owns the NHL's Washington Capitals, the NBA's Washington Wizards, the WNBA's Washington Mystics, and Monumental Sports Network.
Leonsis graduated from Georgetown University in 1977. He has served on the board of directors at Georgetown University and also served a brief tenure as the mayor of Orchid, Florida. , he held a net worth of $3.9 billion.
He attended Brooklyn Technical High School, before moving to Lowell, Massachusetts, where he graduated from Lowell High School in 1973. He was first in his family to go to a university, where he attended Georgetown University to pursue his undergraduate studies majoring in American Studies, and graduated in 1977 at the top of his class.
Leonsis left Harris Corporation in March 1981. He started LIST, a magazine focused on personal computing. He raised $1 million in seed capital with his partner Vincent Pica. The first issue of the magazine was published in 1982. Two years later, he sold the company to Thomson Reuters for $40 million, netting him $20 million.
When Virginia's legislation for a stadium authority was not approved, Leonsis and Mayor Bowser reached an agreement to keep the teams at Capital One Arena. If the Youngkin-Leonsis deal had not been rejected by lawmakers, it would have the largest public stadium subsidy of its kind. In December 2024, the D.C. Council approved an agreement with Monumental Sports to renovate Capital One Arena. Construction began in 2025 and is expected to be completed by 2027.
In the early years of his ownership, the Capitals won back-to-back Southeast Division titles in 2000 and 2001, but lost in the first round of the playoffs to the Pittsburgh Penguins. In summer 2001, the Capitals traded for Jaromír Jágr and signed him to what was, at the time, the largest contract in NHL history. The trade was enthusiastically well received by fans and over 300 people showed up at Dulles International Airport to greet Jágr when he arrived. After Jágr was traded in 2004, Leonsis was criticized by fans. He was involved in a physical altercation with a fan, who led a mocking chant of Leonsis during the game and hoisted a sign chiding him. In the altercation, Leonsis grabbed and threw the fan to the ground, which also caused a young child to fall to the ground. For his involvement in the scuffle, Leonsis was fined $100,000. He also received a suspension of one week, during which he was prohibited from having any contact with the team. After the incident, Leonsis personally called the fan to apologize for his actions and invited him and his family to watch a game in the owner's box.
In 2007, he changed the Capitals team logo and its colors back to their original red, white, and blue.
In 2010, journalist Damien Cox, author of the Ovechkin Project, a biography of Alexander Ovechkin, wrote that Leonsis was trying to circumvent the NHL's salary cap when signing Ovechkin's contract. He also alleged that Leonsis was bribing bloggers for positive coverage of the Capitals. Leonsis said that Cox was angry that he did not receive the access to Ovechkin that he wanted and defended his support for the league.
During the 2009–2010 season, the Capitals earned the NHL's Presidents' Trophy as the team that finished with the most points in the league during the regular season.
The 2010–2011 season marked the highest attendance in franchise history, drawing 754,309 fans. The Capitals, like other teams, have raised ticket prices in recent years. In 2011, after raising ticket prices for the fourth consecutive year while shrinking the size of beers sold at the Verizon Center, he earned the nickname "Leon$i$". In 2001, Leonsis claimed to have written a computer program that prevented Pittsburgh Penguins fans (the Capitals first-round opponent) from purchasing tickets online. When asked if the actions were unfair, Leonsis stated, "I don't care. I'm going to keep doing it." Again in 2009, he received criticism for preventing visiting team fans from purchasing Capitals playoff tickets.
In the face of community opposition, Leonsis has persisted with a plan to expand the billboards around the Verizon Center. Critics said the signage would make the arena more garish and cheapen DC's Chinatown, Leonsis said it was necessary to raise an additional $20 to 30 million in annual revenue, and a sports expert explained that "an owner saddled with underperforming teams is under greater pressure to find income sources." Leonsis persevered and in March 2013 construction of the new signs were announced.
On June 7, 2018, the Washington Capitals won the Stanley Cup championship by defeating the Vegas Golden Knights four games to one. This was the first Stanley Cup victory in the Capitals' history.
After purchasing the Wizards, Leonsis criticized the NBA's salary cap at a luncheon with business leaders. In 2010, the league fined him $100,000 for "unauthorized public comments regarding the league's collective bargaining negotiations." Wizards owner's words draw fine, Philadelphia Daily News (September 30, 2010).
In May 2011, the Wizards unveiled a red, white, and blue color scheme, along with uniforms reminiscent of those worn by the team under their former name, the Bullets, when they won the NBA championship in 1978. Additionally, he considered restoring the Bullets name to the franchise, though critics said that this would "send the wrong message" about gun violence in Washington.
Leonsis was chairman of the NBA's 2014 media committee that negotiated a nine-year expanded partnership with Turner Broadcasting and The Walt Disney Company.
During Leonsis' tenure as owner, Washington ranks 24th of the 30 NBA franchises in winning percentage. The Wizards have missed the playoffs in eight of 13 seasons, have posted a .500 or worse record nine times, and have never advanced to the Eastern Conference finals.
In 2008, Leonsis produced Kicking It, a documentary by Susan Koch about the 2006 Homeless World Cup. The film was narrated by actor Colin Farrell and featured residents of Afghanistan; Kenya; Dublin, Ireland; Charlotte, North Carolina; Madrid; and Saint Petersburg. The film premiered in January 2008 at the Sundance Film Festival. A third documentary, A Fighting Chance, tells the story of Kyle Maynard, who became a nationally ranked wrestler, motivational speaker, and bestselling author, despite being born without arms or legs. In 2013, Leonsis produced the documentary Lost for Life, which explores juvenile offenders who have been sentenced to life without parole.
Leonsis founded Revolution Money, a company which provides secure payments through an Internet-based platform. In 2009, the company was sold to American Express; Leonsis is now on the board of directors at American Express, having joined in 2010. He is cofounder and partner in the D.C.-based venture fund, Revolution Growth, and chairman of Clearspring Technologies. He is co-inventor of Only In New York, a board game about New York City. Leonsis is a member of the investment group, aXiomatic, which owns Team Liquid, a competitive eSports Team.
As of February 2025, Forbes estimates his net worth at $3.1 billion. In early 2011, Leonsis purchased a 13-acre estate in Potomac, Maryland. He acquired the property for $20 million after selling homes in McLean, Virginia, and Vero Beach, Florida. The estate was once the home of Joseph P. Kennedy, summer home of Franklin Roosevelt, and was owned by the Gore family from 1942 to 1995. Leonsis purchased the home from Chris Rogers, a telecommunications executive who acquired Leonsis' home in McLean. Leonsis is the former owner of a 40-foot yacht.
Leonsis has authored a number of books, including Blue Magic: The People, Power and Politics Behind the IBM PC and The Business of Happiness: 6 Secrets to Extraordinary Success in Work and Life.
He was on the board of directors and board of regents for Georgetown University in 2008–2009. Leonsis is the founder of the Leonsis Foundation, which supports children "overcome obstacles and achieve their goals".
Leonsis was vice chairman of Washington 2024, the region's bid for Summer 2024 Olympic and Paralympic Games. In June 2014 the United States Olympic Committee identified Washington and three other cities as potential locations. The USOC ultimately selected Los Angeles, which lost the 2024 bid, but was awarded the 2028 Summer Games.
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