Caps and Wizards to remain in DC under agreement unveiled by Bowser and Leonsis

– D.C. Mayor Muriel E. Bowser and Ted Leonsis are finalizing a deal to keep the Wizards and Capitals in downtown D.C. until 2050
– Announcement planned for later in the day at Capital One Arena
– D.C. to spend $515 million over three years to help Leonsis modernize the arena
– New lease for 25 years to keep the teams in D.C.
– Deal includes provisions for Monumental Sports and Entertainment to expand in the city
– Agreement represents a change in plans for Leonsis who previously planned a move to Virginia
– Deal needs approval from the 13-member D.C. Council
– Youngkin expressed disappointment at the lost opportunity in Virginia
– Alexandria stopped negotiations for a new arena for the teams
– Bowser and Leonsis worked together on the deal after failed negotiations in 2023
– Deal includes upgrades to Capital One Arena
– Leonsis initially proposed a move to Potomac Yard in Alexandria
– Lucas from Virginia opposed the project, leading to its demise
– Alexandria City Council members shifted opinion against the plan
– Story is developing and will be updated

Thank you to source.



Source link