In a major victory for the city of Washington D.C., the Washington Capitals and Washington Wizards have signed a historic $515 million deal to remain in the capital city until 2050. The announcement was made at a news conference at the Capital One Arena by Mayor Muriel Bowser and team owner Ted Leonsis.
This landmark deal effectively ends the City of Alexandria’s negotiations to bring the teams to Northern Virginia. The agreement, which is pending D.C. Council approval expected to pass, will see the $515 million paid over the next three years through the city’s capital budget.
The renovations to the arena and surrounding area are projected to cost a total of $800 million, with upgrades, retail expansion, and traffic flow improvements planned. Monumental Sports & Entertainment will fulfill its vision of a sports and entertainment complex in Downtown D.C., averting a potential relocation to Potomac Yard.
Additionally, the deal includes an extra $15 million for improvements to the area connecting Gallery Place to Capital One Arena. Furthermore, 17 dedicated officers will be stationed around the arena before and after games for added security.
The unsuccessful plan to relocate the teams to Potomac Yard in Virginia was met with opposition from Democratic lawmakers in the General Assembly. Governor Glenn Youngkin expressed disappointment over the missed economic opportunities resulting from the failed proposal, which was not included in the state budget.
Local officials and residents voiced their opposition to the potential move, ultimately leading to its downfall. State Sen. Scott Surovell criticized the governor’s unwillingness to compromise on the project, highlighting the challenges faced in reaching a resolution.
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