News & Press

Washington, DC, November 7, 2003 – Joshua M. Freeman and Mark D. Lerner have become partners in Lincoln Holdings LLC, the partnership's majority owner Ted Leonsis announced today. With the addition of Freeman and Lerner, Lincoln Holdings now comprises 10 local business and community leaders and also includes Leonsis, Dick Patrick, Raul Fernandez, Jack Davies, Richard Kay, George Stamas, Richard Fairbank and Dr. Jeong Kim.

Lincoln Holdings owns 100% of NHL's Washington Capitals and has a 44% minority interest in Washington Sports and Entertainment, which owns the NBA's Washington Wizards,WNBA's Washington Mystics, Verizon Center and the Washington/Baltimore Ticketmaster franchise. Lincoln Holdings also holds an option and right of first refusal to acquire the remaining outstanding shares of Washington Sports and Entertainment, which is owned and chaired by Abe Pollin.

"Josh and Mark are both great local business leaders and great family friends," Leonsis said. "We are pleased to welcome them to our partnership and to add their management expertise to our team. Their investment and the ongoing confidence and financial commitment shown by me and the Lincoln partners underscore our belief in the intrinsic value of these assets and in our faith in the local fan base."

Freeman, who resides in Olney, Md., is president and chief executive officer of Carl M. Freeman Associates, a company that develops, owns and operates neighborhood shopping centers as well as residential and golf communities. Lerner is a principal of Lerner Enterprises, a North Bethesda, Md.-based real estate development, leasing and management company.

The Freeman Companies have a long legacy of major development projects throughout the mid-Atlantic. They currently own and manage Virginia neighborhood centers in Ashburn, South Riding, Alexandria and Great Falls as well as Potomac, Rockville and Olney in Maryland. Freeman is the developer of many communities on the Eastern Shore, including the Village at Bear Trap Dunce in Ocean View, Del. The Freeman golf properties include resort courses in Virginia Beach, Berlin (Md.) and Ocean View.

"I welcome the opportunity to join an organization so committed to our community," Freeman said. "I believe that sports entertainment for families and children is vital to the quality of life in this region. I am committed to helping this partnership build a franchise that will make the community proud."

The Olney native is well known for his philanthropy and activities in support of the local community. He serves on the boards of the Congressional Bank, the Washington Opera and Venture Philanthropy Partners and also chairs the Carl M. Freeman Foundation, which provides support to many nonprofit organizations throughout the mid-Atlantic region.

Lerner, representing members of the Theodore N. Lerner family, is a principal of Lerner Enterprises, which was founded more than 50 years ago by his father, Ted Lerner. The company's development activity is mainly concentrated in the Washington, D.C., metropolitan area and includes numerous major office, retail, hotel and residential projects. Samplings of the company's portfolio include The Corporate Office Centre at Tysons II, White Flint Mall, Washington Square at Connecticut Avenue and L Street, Dulles Town Center, The Spectrum at Reston Town Center, Fallsgrove Village Center and the Greenbelt Marriott Hotel. In addition, Lerner Enterprises is a partner in Chelsea Piers, a 30-acre sports and entertainment complex located on the Hudson River in New York City.

"The Lincoln Holdings partnership provides us with a unique avenue to further pursue our passion for business, community and sports," Lerner said. "I look forward to working with the group to bring championships to the area and to further our commitment to community organizations in the metropolitan Washington area."

The George Washington University graduate also has made a major contribution to the community by holding numerous volunteer positions. Currently he is chair of the Building Committee and a member of the Board of Directors of the Charles E. Smith Jewish Day School in Rockville, Md., and also serves on the boards of Hadley's Park and Hillel at The George Washington University. Additionally, he is co-chair of the 2004 JCC Maccabi Games to be held in Montgomery County, Md., in August. He serves as vice president of The Annette M. and Theodore N. Lerner Family Foundation, which provides support to many worthwhile organizations, including The George Washington University, BAPA's Imagination Stage, Hebrew University of Jerusalem, Weizmann Institute of Science, The Jewish Community Centers of Greater Washington and District of Columbia, United States Holocaust Memorial Museum, Charles E. Smith Jewish Day School, Hadley's Park, Shady Grove Adventist Hospital, Junior Achievement and Food and Friends, among many others.

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