Ted Leonsis bought the team in 2010 after Abe Polin died. However, the Wizards had two straight seasons (08-09 and 09-10) of losing records at that point. Also Grunfeld traded the 5th pick in 2009 for Randy Foye/Mike Miller when that pick became Rubio or could have been Curry.
Ernie Grunfeld has been the GM since 2003. He built the Arenas/Jamison teams that went to the playoffs for 4 straight years (advancing only once). He gave those guys huge contracts, he was then the one that traded the roster away in February 2010 to clear cap room and tank. We go John Wall in 2010.
Leonsis had a GREAT chance to put his stamp on the franchise by going for a fresh new start once he bought the team by getting rid of EG. He let Grunfeld play out his contract which involved two more losing seasons and rosters full of young players with low basketball IQ.
The moment of truth came in Spring 2012 when Grunfeld's contract was expiring and Leonsis could have moved to REALLY get things rolling by getting a new GM, a new HC after that, and financial flexibility by amnestying OR buying out Rashard Lewis and signing some bargain FAs in the summer (think Scola or Brand or some other amnesty guys)... instead he signs Leonsis for 2 more years and then we see them trading Lewis and a pick (which became Darius Miller) to add $43 million of salary on the cap till 2014 in two role players.
Leonsis failed by keeping a continuing failure in Grunfeld. Grunfeld is the one who brought in all the 'knuckleheads', he is the one that enabled a culture of zero accountability, and he is the one that plays politics and scapegoats people when the going gets really bad.
Mark my words, if the Wizards lose again tonight to the Blazers. Wittman will be fired and Don Newman (Gregg Poppovich's former assistant for the last decade and a coach Grunfeld knows from his Milwaukee days) will take over. ANOTHER Ernie Grunfeld lifeline is in the makings... and Grunfeld has a contract that runs till 2014 too.