DC and Ted Leonsis announced “deal to transform and expand the Capital One Arena into a state-of-the-art urban arena that will be the home of the Washington Wizards and Washington Capitals through 2050.”

“Mayor Muriel Bowser, Chairman Phil Mendelson and Members of the Council of the District of Columbia, and Chief Executive Officer of Monumental Sports & Entertainment Ted Leonsis announced that they have reached a deal to

The District of Columbia Government will provide $515 million toward the catalytic project, underscoring the District’s commitment to the complete renovation of the arena and the transformation of Downtown DC. Ensuring the arena’s continued prominence as a premier destination for sports, concerts, and events will anchor Gallery Place/Chinatown as a world-class entertainment district in Downtown DC.

The Capital One Arena modernization and expansion places a strong emphasis on continuing Monumental Sports & Entertainment’s commitment to community engagement and provides a renewed focus on youth and family. Enhanced accessibility features will ensure that the arena remains accessible and welcoming to individuals of all backgrounds and abilities.

Beyond the arena, state and local governments will lose needed tax revenue, economic development credibility, and what could have been Virginia’s last best chance to land a professional sports franchise for at least a generation. Economic development and growth thrive on transparency and predictability.

“As an avid sports fan, frequent concertgoer, and resident of the District of Columbia, I am absolutely thrilled that our hometown teams will be staying here at home. This is a win-win: a win for Monumental Sports, and a win for the economic vibrancy not only of our downtown, but also for the residents, businesses, and workers of the District of Columbia. I look forward to our continued relationship with Monumental Sports, and to bringing more championship titles to Washington, DC.

The District has committed to the previously announced financing of $500 million towards a renovation of Capital One Arena, the home arena for the NHL’s Washington Capitals and NBA’s Washington Wizards. In addition, D.C. will provide an additional $15 million towards improvements of the alley connecting Gallery Place to Capital One Arena. Legislation enacted by the D.C. Council allows this funding through an appropriation for capital construction projects – funded by general obligation bonds..

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Ted Leonsis discussed potential Wizards, Capitals arena with Maryland governor Wes Moore: ReportAfter Virginia lawmakers balked on a deal to build an arena south of the Potomac for the Washington Wizards and Capitals, Monumental Sports and Entertainment owner Ted Leonsis is exploring options in Maryland.
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