You have to give it to Ted Leonsis, he’s got guts signing Alex Ovechkin to such a huge contract, both in terms of years (13) and dollars ($124 million).

“I’m a risk-taker,” Capitals owner Ted Leonsis said. “And if you’re going to make a long-term investment, who else would you do it with?”

I’m blown away. It probably goes down as either the smartest or dumbest decision in Capitals history, but we won’t know for a long time; I’m expecting the former. Five years from now, $9.5 million a year for Ovechkin could very well look like a bargain.

On Frozen Blog, which has been on top of the story all along, took video of the announcement last night at the season ticket-holder party.

Leonsis has likely charted the course for the Washington Capitals for the rest of his tenure as owner. This erases all doubt about his intentions, not that I had any.

Ovechkin did this without an agent too, so he really cashes in. Scott Boras, eat your heart out.

Ovechkin Scores Big Deal – The Post

Jackpot – The Wash. Times

Sunday’s game should be fun.

UPDATE: Here is how On Frozen Blog pulled off the big scoop.

Leonsis has made a leap of faith about Ovechkin, Washington sports fans, and the NHL in general. May his gamble pay off handsomely.