Washington, D.C., Mayor Muriel Bowser put forth an offer of $87 million to buy the Capitol One Arena to keep sports teams within the city.
The location of the Washington Capitals and Wizards came into question late last year after Gov. Glenn Youngkin (R-VA) introduced an ambitious plan to construct a new sports stadium in Virginia, where the teams would move. Plans fell through in March when Virginia lawmakers blocked funding for the project. On Monday, after months of negotiations, Bowser and Monumental Sports and Entertainment CEO Ted Leonsis announced a new deal to keep the teams in D.C. through 2050.
“We’re keeping Washington’s teams where they belong — here in the Sports Capital, and we’re doubling down on having a world-class destination and entertainment district in the center of DC,” Bowser said in a statement. “We know that when our Downtown does well, our city does well. This catalytic investment is an investment in our residents and businesses in all eight wards.”
In the joint press release, Leonsis expressed his satisfaction with the deal.
“This arena transformation marks the next significant investment Monumental Sports is making in the revitalization of Downtown D.C., and we will build a best-in-class experience for fans, a world-class destination facility for athletes, and continue to serve as a downtown anchor for economic vitality,” he said. “Our vision for a wholly re-imagined sports and entertainment destination will be ambitious, reflective of our community, and designed to ‘wow’ our most ardent supporters as well as casual fans. We want to capture the magic that comes from providing the most entertaining experience – which every guest deserves.”
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The Council of the District of Columbia voted earlier this year to approve the fiscal 2025 budget, which set aside a $515 million investment in the arena and Gallery Place complex over three years — the $87 million to buy the arena would come from this total.
Youngkin’s plan to move the Capitals and Wizards to Virginia involved building a new stadium, which would have cost $2 billion. The proposal was shot down by state Democrats, who saw it as a waste of money.