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Majority owner of the Washington Capitals and Washington Wizards, Ted Leonsis, is expected to join Virginia Gov. Glenn Youngkin on Wednesday morning at Potomac Yard.
Majority owner of the Washington Capitals and Washington Wizards, Ted Leonsis, is expected to run for Virginia Gov. Glenn Youngkin on Wednesday morning and announced plans to move the team to Potomac Yard in Alexandria.
A source familiar with the matter confirmed details of the Potomac Yard incident to WTOP. They have indicated that a deal to bring the franchise to Virginia is nearing completion, despite DC’s efforts to keep it in the District.
What happened on Wednesday, first reported by the Washington Business Journalis expected to begin at 9 a.m. at three tents located at 3405 Potomac Ave. in Alexandria.
After news of the announcement, DC Mayor Muriel Bowser information was released Tuesday night the city’s “best and last offer” hosts the Wizards and Capitals at Capital One Arena in the Chinatown section of the Penn Quarter neighborhood.
The legislation introduced by Bowser and DC Council Chairman Phil Mendelson will provide $500 million in city funding to the renovation and renovation of the Capital One Arena.
“The city of DC is the District’s generator of revenue to support important programs in the city. Mr. Leonsis and Monumental Sports have been important partners in maintaining the success of our city, especially after the pandemic,” Bowser said in a news release. “The renovation of Capital One Arena will be an important investment for our continued success and prosperity in the future.”
According to the bill, the current lease of the stadium with Monumental Sports & Entertainment, which owns the two teams, will be extended to 2052 and the financing of the improvements is distributed for three years, starting next year. The law also states that Capitals and Capitals cannot be moved out of the District until the lease is completed.
The DC bill comes after a plan was approved Monday by the 12 state lawmakers that make up the Virginia Employment and Investment Authorization Commission. It will include the Wizards and Capitals moving from Capital One Arena to the 8-million square foot Potomac Yard. The Washington Post first reported details of Monday’s meeting and the commission’s approval.
Virginia’s new facility will include a stadium and facilities for both teams, a large underground parking lot and another 3,000-seat concert venue. It will be located next to Amazon’s new HQ2 development in the National Landing area and the new Potomac Yard Metro station.
Although a source familiar with the plans told WTOP that Leonsis — the founder and CEO of Monumental Sports & Entertainment, which owns both teams — is moving forward with the renovations , it is not a finished thing.
The proposal still needs additional approval from the state General Assembly and the Alexandria City Council, something Gerren Price, president and CEO of the DowntownDC Business Improvement District, said could be difficult to obtain.
The first discussions about the move began in June, when Monumental began planning to replace the Alexandria site, while negotiating with DC officials about the need to improve Capital One Arena. Monumental later asked DC officials for $600 million in federal funds for a major renovation project, according to reports from the Washington Post.
“Securing a deal that keeps the Capitals and Wizards in downtown DC is critical to the future of the city’s economy and the city as a whole,” Price said in a statement.
“We know that Monumental must evaluate offers from other authorities in order to make the best business decision for their operations, but we strongly believe that keeping these teams in the city is the it has the highest average attendance of any place in the region,” Price. said.
In a statement released Monday to WTOP, a Monumental spokesperson said the company’s commitment to serving the region “is unwavering and we look forward to sharing plans for investment in the future.”
WTOP’s Ciara Wells contributed to this report.