What Is Ted Leonsis' Net Worth?
Ted Leonsis is a sports team owner, venture capital investor, filmmaker, author, and philanthropist who has a net worth of $2 billion. Ted Leonsis earned his net worth through the many investments in sports teams, films, and as the author of "The Business of Happiness." Over three decades, Ted has proven to be a serial entrepreneur who has built and sold multiple successful businesses.
Early Life
Theodore John Leonsis was born on January 8, 1957, in Brooklyn, New York. His grandparents were Greek immigrant millworkers, and his parents worked as a waiter and a secretary. A young Ted mowed lawns for extra money, and his high school guidance counselor deemed him destined to work in a grocery store. However, while mowing the lawn owned by wealthy stockbroker and Georgetown alumnus Jim Shannon, the wheels were set in motion. Shannon was impressed by the boy and helped him gain admission to Georgetown University after Ted graduated from Lowell High School.
Leonsis became the first in his family to attend college, and he majored in American Studies and graduated at the top of his class in 1977. He then moved back to his parents' home in Lowell, Massachusetts, and began working for Wang Laboratories as a communications manager and for Harris Corporation as a marketing executive.
"LIST" Magazine
Ted left Harris Corporation at 25 years old and moved to Florida to begin his first business venture, publishing "LIST," a technology magazine that mainly focused on personal computing. He ended up raising $1 million in capital along with his partner, Vicent Pica. The first issue was published in 1982 and proved to be a big success selling $50,000 worth of copies on the newsstands. It was two years later that Ted sold the company to Thomson Reuters for $40 million, netting him $20 million.
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AOL
Leonsis is probably best known as the Internet industry pioneer who was instrumental in turning AOL (previously known as America Online) into a global phenomenon. In 1994, his early media company, Redgate Communications, was acquired by America Online, and Leonsis held the position of AOL's senior executive for the next 13 years.
Sports Team Ownership
As the founder, chairman, majority owner, and CEO of Monumental Sports & Entertainment, Ted owns and operates the Washington Capitals (NHL), Washington Wizards (NBA), Washington Mystics (WNBA), and the Verizon Center. NBC Sports Group invested in Monumental Network, the digital central hub for Washington DC sports and entertainment news, becoming an equity partner.
Other Ventures & Philanthropy
While in his role as a venture capital investor, Leonsis has made numerous investments on his own, as well as became a partner in the newly created "speed-up capital" Revolution Growth Fund II. In addition, Ted is also an acknowledged producer of documentaries, and the founder, chairman, and largest shareholder of SnagFilms. He created and produced the award-winning documentary "Nanking" (2007), along with the subsequent two documentaries "Kicking It" (2008) and "Fighting Chance" (2010). Even though the number of charities that he supports is constantly growing, Ted's highlighted philanthropic causes include Best Buddies, DC Central Kitchen, See Forever Foundation, Venture Philanthropy Partners, and many more.
Personal Life
Ted is married to Lynn Leonsis, and they have a son and daughter together. The couple has been married since August 1987.
Leonsis purchased a 13-acre estate in Potomac, Maryland, in 2011 for $20 million after selling the family homes in McLean, Virginia, and Vero Beach, Florida. The 20,000-square-foot estate was once owned by Joseph P. Kennedy and Franklin Roosevelt.
