Exclusive Details on the Jaw-Dropping Decision to Relocate Capitals and Wizards! What This Means for D.C. and Virginia Revealed!”
Ted Leonsis, the owner of Monumental, observed the Wizards facing the Golden State Warriors at Capital One Arena in 2019. Erected in 1997, the arena stands as one of the older facilities in both the NHL and NBA (Jonathan Newton/The Washington Post).
A group of Virginia state legislators voted on Monday to support an agreement aiming to relocate the Washington Capitals and Wizards to a new arena in Northern Virginia, as disclosed by four individuals familiar with the matter.
Virginia
According to three of these sources and four others, on the condition of anonymity due to a lack of authorization to discuss the details, the proposed plan involves both teams moving to a new facility situated in Alexandria’s Potomac Yard neighborhood, forming part of a large mixed-use development. The Virginia stadium authority would own this complex, leasing it to Monumental Sports & Entertainment, the owner of the Capitals and Wizards.
Although Monumental has not firmly committed to relocating the professional teams to Virginia, sources indicate that, if the deal proceeds, Monumental would invest hundreds of millions of dollars in the project.
The potential approval of this deal could mark a significant economic development victory for Virginia Governor Glenn Youngkin (R), especially after his party’s setbacks in the recent state elections. Additionally, it might signal a step toward Monumental owner Ted Leonsis taking the company public, an idea he openly contemplated in an interview with Bloomberg during the summer.
While the move to Virginia could spur development in an area accessible by Metro, it could pose a challenge to the struggling downtown of Washington, D.C. District officials have been engaged in discussions with Monumental about renovating Capital One Arena as part of efforts to revitalize the surrounding vicinity.
The Capital One Arena, constructed in 1997, is among the older facilities in the National Hockey League (NHL) and the National Basketball Association (NBA). Monumental has requested $600 million in public funds from D.C. for a significant renovation. However, D.C. faces budgetary constraints and is also contending with requests from other sports owners and competition for the next Commanders stadium location.
Monumental Sports & Entertainment, in a statement before the vote, expressed its commitment to delivering an outstanding fan experience, winning championships, contributing to communities, and becoming a leading regional sports and entertainment enterprise. The spokesperson emphasized Monumental’s unwavering commitment to the DMV (District of Columbia, Maryland, Virginia) and anticipated sharing plans for future investments.
Mayor Muriel E. Bowser’s office, in a statement before the vote, conveyed a commitment to working closely with Monumental Sports and expressed determination in seeing the proposal through as a crucial element of D.C.’s revitalization.
The potential move to Virginia could provide Monumental with more opportunities for non-sports revenue compared to its current situation in D.C. Franchise owners across professional sports have taken note of successful developments around new ballparks, turning them into entertainment districts. Monumental would secure a more than 30-year lease on the Alexandria property, featuring a basketball and hockey facility, a large underground parking area, and a smaller concert venue.
The deal still requires approval from the Alexandria City Council and the full General Assembly to progress fully. If realized, it could signify a significant shift in the sports landscape for Virginia, a state that has long sought major league sports franchises but faced challenges in securing them.
The recent history of efforts to attract the Washington Commanders to Virginia and the subsequent collapse of that plan due to concerns about cost, traffic impact, and controversies surrounding the team’s ownership underscores the potential significance of the Monumental deal for Governor Youngkin and the state.
The proposed development in Potomac Yard aligns with broader efforts to enhance the Alexandria neighborhood, especially with the presence of Amazon’s second headquarters in nearby Arlington County. The new Potomac Yard Metro station, served by the Blue and Yellow lines, has further accelerated redevelopment plans for the area.
However, potential opposition from residents in nearby neighborhoods, concerns about traffic and transit infrastructure, and the need for legislative approvals pose challenges to the project’s realization.
In summary, the reported deal represents a potential major shift in the location of the Washington Capitals and Wizards, with implications for economic development, regional sports dynamics, and the ongoing revitalization efforts in both Virginia and D.C.
