- The Washington Times - Tuesday, April 16, 2002

Washington Capitals majority owner Ted Leonsis yesterday continued reshuffling his Lincoln Holdings ownership group, adding local technology executive and University of Maryland professor Jeong Kim.
In the ninth change to the Lincoln roster in 27 months, Leonsis continues to lower his personal stake in the club and prepare for the potential purchase of the Washington Sports & Entertainment L.P. (WSELP) assets the group does not already own.
In 1992, Kim founded Yurie Systems Inc., a Lanham telecommunications company producing data switching equipment. After a meteoric rise in revenues and acclaim, Kim sold the company in 1998 to Lucent Technologies for $1.1 billion. Then following a five-year stay with Lucent, Kim joined the University of Maryland in January as a professor in its department of materials engineering. He is also a member on the eight-person Presidential Commission on Review of U.S. Intelligence.
"This is one super smart, super competitive guy," Leonsis said. "He absolutely hates to lose."
Lincoln owns 100 percent of the Capitals and 44 percent of WSELP, the Abe Pollin-led group that controls the Washington Wizards, MCI Center and related assets. Pollin has no current plans to sell his 56 percent of WSELP, but Lincoln holds the first and last rights of refusal to buy that equity once it goes on sale.
The full Lincoln lineup now stands as Leonsis; Caps president Dick Patrick; AOL senior advisor Jack Davies; Richard Kay, founder and chairman of Bethesda-based OTG Software Inc.; George Stamas, vice chairman for investment banking firm Deutsche Bank Alex. Brown Inc.; Raul Fernandez, North American president for global technology firm Dimension Data Holdings Inc; Richard Fairbank, chairman of Capital One Financial Corp.; and Kim.
Kim purchased 6 percent of Lincoln Holdings, and the transaction is subject to NBA and NHL approval. Terms were not disclosed. Kim's arrival completes Leonsis' dispersal of equity once held by local entrepreneur Jonathan Ledecky. An original Lincoln partner, Ledecky sold his 24 percent back to Leonsis last June. Leonsis carved that up into four equal pieces, selling it to Davies, Kay, Fairbank and now Kim.
Leonsis' stake in Lincoln is now back to about 60 percent.

Copyright © 2019 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide