WASHINGTON — After months of negotiations with the parent company that owns the NBA’s Washington Wizards, NHL’s Washington Capitals and WNBA’s Washington Mystics, the mayor of the District of Columbia has introduced a bill that, if passed by the city council, would sell Capital One Arena to the District for $87.5 million and set the stage for arena renovations to be completed for the Wizards’ and Capitals’ 2027-28 seasons.
Monumental Sports and Entertainment then would lease the arena and its property back from the District through June 2050, and Monumental would hold five four-year extension options that could potentially continue the lease through 2070.
Monumental CEO Ted Leonsis, the principal owner of the Wizards, Capitals and Mystics, originally sought to move the Wizards and Capitals to Alexandria, Va., but those plans fell through after the proposal encountered obstacles within the Virginia Senate.
In March, Washington Mayor Muriel Bowser and Leonsis signed a term sheet designed to keep the Wizards and Capitals in D.C. In a letter to the mayor, Leonsis noted that Monumental has pledged to contribute “a minimum of $285 million” to the renovation of the arena and responsibility for cost overruns.
In April, the city council unanimously voted to commit $515 million to the renovation project.
(This story will be updated.)
Required reading:
- How Ted Leonsis, Muriel Bowser made most of second chance to keep Wizards, Capitals in D.C.
(Top image: Rendering of the main entrance on F Street NW / Courtesy of Monumental Sports and Entertainment)
