Wizards, Capitals to relocate to Virginia?

Virginia state lawmakers are meeting Monday afternoon to consider a deal to relocate the NBA’s Washington Wizards and NHL’s Capitals to a new arena in Northern Virginia, according to The Washington Post.

Their new arena would be in Alexandria’s Potomac Yard neighborhood. A Virginia stadium authority would own the larger complex and lease it to Monumental Sports & Entertainment, which owns the Capitals and the Wizards.

However, Monumental has no official set date to move the teams out of D.C. That could change in the future. District officials have also been in contact with the network over renovating Capital One Arena.

Breaking news: A group of Virginia state lawmakers plan to meet behind closed doors Monday to consider a potential deal to bring the Capitals and Wizards to a new arena in Northern Virginia, according to four people with knowledge of the situation.https://t.co/YMQjhcvOVG

— Post Local (@postlocal) December 11, 2023

Capital One Arena will still continue to host concerts and college basketball games if Monumental’s deal with Virginia is approved. The arena was built in 1997 for $260 million.

The Georgetown Hoyas men’s basketball team has played in the arena since it first opened. Though, the women’s team plays its home games inside McDonough Gymnasium.

NBA’s Washington Wizards, NHL’s Capitals could relocate to Northern Virginia as early as 2027

“Monumental Sports & Entertainment is committed to delivering the best fan experience, winning championships, giving back to our communities, and becoming the most valuable regional sports and entertainment enterprise in the world so that we can continue to reinvest in our fans and community,” a Monumental spokesperson told The Post.

“Our commitment to the DMV is unwavering and we look forward to sharing plans for future investments.”

D.C. Mayor Muriel Bowser’s spokeswoman sent a statement from her office: “Mayor Bowser and Chairman Mendelson have worked together closely, and in lockstep, to put forward a strong proposal to Monumental Sports, and after several months of negotiations, we are committed to seeing this through as a vital component of DC’s Comeback.”

Under the plan, both teams would move to a new facility anchoring a massive mixed-use development in Alexandria’s Potomac Yard neighborhood, per sources.

Cap One could still host concerts and college bball games. Earliest Caps/Wiz could leave is 2027. https://t.co/Hhw6NHgwHQ

— Sam Fortier (@Sam4TR) December 11, 2023

Ted Leonsis is the founder, majority owner, chairman, and CEO of Monumental. Leonsis, 66, owns the Wizards, Capitals, NBA G League’s Capital City Go-Go, and WNBA’s Mystics.

Monumental would have a more than 30-year lease on the Alexandria arena, according to sources. Leonsis’s teams can leave the D.C. area as early as 2027. Since the arena has a ground lease, Monumental owns the arena itself and the city owns the land below it.

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