Why would Ted Leonsis be a part of losing money franchise?

I was always wondering about that...

By Robert Seidman, TV By The Numbers, August 6th, 2008:

...There is more than one dimension. I would compare it to some sports leagues and franchises. For example, my pal Ted Leonsis owns the Washington Capitals NHL franchise (he also owns the Washington Mystics of the WNBA and has a minority interest in the Washington Wizards NBA franchise). I’m pretty sure if you looked at the annual income statement for the Washington Capitals for any given year while Ted has owned it, there have mostly been losses.

Why would Ted want any part of that? Well, it’s not just his naturally competitive spirit and desire to bring a Stanley Cup to my birthplace, Washington, D.C. If that was all there was to it, I don’t think Ted would take the hit. But there’s another dimension. It’s supply and demand. There aren’t that many franchises available for purchase. In fact, there seemingly are many more people around with money to spend on sports franchises than there are sports franchises available to purchase. That’s speculation on my part - but what isn’t speculation is this: if he were motivated, Ted could sell the franchise for much, much more than he paid for it 10 or so years ago and recover whatever he’s put into it and more for himself and his partners.

The counterintuitive part of this is that it’s hard to fathom something that regularly loses money on an annual basis increasing in value. But it certainly happens, and we’re not talking merely about adjusting for inflation when it comes to the amount of the increases.

Update: Ted's answer... Kind of...

Personally I, as Alex Ovechkin's fan, am very happy with Ted Leonsis. He very insightful and analytical, and learns quickly from his mistakes (68). He is probably the only owner of NHL team who lets you to get involved in the thinking process and the reasons behind his moves.

I can't sleep. I was up at 4:30 am this morning. I am in pain. I am angry. I want desperately for us to turn it around and win some games as does everyone in our organization. I am not oblivious to what is happening. I appreciate your emails and message http://ted.aol.com/index.php?ID=1444 Posted: November 20, 2007 12:31:00 PM

That was cool. Thank you, Ted...