Plan to move NBA’s Wizards and NHL’s Capitals out of DC appears to be OFF… as billionaire owner Ted Leonsis’ proposal is removed from Virginia state budget

The proposed plan to move the Washington Wizards and Washington Capitals from DC to Virginia appears to be off – after it was announced by Monumental Sports chief Ted Leonsis in December.

Leonsis, a billionaire who owns both the Wizards and Capitals, shared plans to move the two franchises from their current home – Capital One Arena in downtown DC – to a newly developed arena in Alexandria, Virginia.

But according to the Washingtonpostthe deal – which would have cost taxpayers $1.5 billion – was removed from the state budget by Senator L. Louise Lucas, chairman of the Senate Finance and Appropriations Committee.

Governor Glenn Youngkin called the move to remove funding from the arena a “colossal mistake,” while Senator Lucas confirmed she was the “roadblock” in the plan’s path.

The plan reportedly called for the arena to be built in Alexandria’s Potomac Yard neighborhood.

D.C. Mayor Muriel Bowser previously pledged $500 million to renovate the Capital One Arena

Lucas emphasized that she did not want the state to take on $1.5 billion in national debt, saying, “It would be a better deal if they paid it themselves.”

Incredibly, Lucas told the Washington Post that she had never spoken directly to Leonsis until Wednesday, though her final decision was not affected.

“He was very nice,” Lucas said of her conversation with Leonsis.

“(It was) very cordial… I told him that we might work on some things in the future.”

Youngkin reportedly will “revive” the arena deal when the Legislature returns on April 17, while House Speaker Don L. Scott Jr. did not consider the deal dead in an interview with the Washington Post .

Renderings of the proposed new arena in Alexandria, Virginia were released last year

The arena would have cost taxpayers $1.5 billion, which Senator L. Louise Lucas opposed

The Capitals and Wizards have played at Capital One Arena in DC for the past 25 years

However, the developments will still be a disappointment for Leonsis. $500 million in funding was previously approved by the D.C. Mayor’s office for a renovation of Capital One Arena.

However, Leonsis previously requested $600 million in renovations to the arena to keep it up to date with modern needs.

Capital One Arena is only the 16th oldest building in the NHL and the 10th oldest in the NBA, having opened in 1997.

Monumental’s lease for the building expires in 2027.