Five owners earned their undergraduate degrees there, including embattled Los Angeles Dodgers owner Frank McCourt and Washington's Ted Leonsis, who owns the Wizards and Capitals.

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Groupon's executive chairman Eric Lefkofsky and vice chairman Ted Leonsis are stepping in as temporary joint chief executives until a replacement for Mr Mason can be found.

BBC: Groupon shares rebound after founder is sacked

Director Eric Lefkofsky, another founder, and Director Ted Leonsis, it was announced, were going to run the company as the Board BEGAN a search for a successor.

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The daily deals company said Executive Chairman Eric Lefkofsky and Chairman Ted Leonsis have been named to the newly created office of the Chief Executive, replacing Mason, effective immediately.

FORBES: Groupon Ousts Andrew Mason

Mr Lefkofsky and Ted Leonsis were named as temporary joint chief executives at the end of February when founder Andrew Mason was ousted after the group posted another quarterly loss.

BBC: Groupon results better than expected

Ted Leonsis owns both the Washington Wizards and Capitals.

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