Ted Leonsis, the billionaire owner of the NBA’s Washington Wizards and the NHL’s Washington Capitals, is cashing in on the rise in value of his sports empire.

Fellow billionaire Jeff Skoll’s minority investment of about $300 million in Monumental Sports & Entertainment, the entity that officially owns Leonsis’ sports teams, places a controlling enterprise value of $4.1 billion on MS&E, Forbes has learned. That would mark a 23% rise since January, when Forbes valued MS&E at $3.32 billion. The deal, which is for less than 10% of MS&E, values the Wizards at $2.5 billion and the Capitals at $1.2 billion, according to a source familiar with the deal who was not authorized to speak about it publicly.

Last month, Forbes valued the Wizards at $2.5 billion, 14th among the league’s 30 teams. In December 2021, we valued the Capitals at $930 million, 11th among the NHL’s 32 teams.

In all, MS&E is expected to generate between $625 million and $650 million in revenue this year and throw off over $60 million in operating income (earnings before interest, taxes, depreciation and amortization).

Skoll, worth an estimated $4.3 billion, made his fortune from eBay. Leonsis bought the Capitals in 1999 for $85 million and acquired the Wizards in 2010 for $551 million. Among MS&E’s other holdings are Capital One Arena; the Washington Mystics of the WNBA; Capital City Go-Go, the Washington Wizards’ NBA G League affiliate; and the regional sports network NBC Sports Washington.

Leonsis, who is looking at expanding his empire by buying MLB’s Washington Nationals, is a big believer in the value of sports verticals in the same geography, as he discussed in my interview with him earlier this year (see below).