- Leonsis is considering moving its franchises to Alexandria, Virginia
- D.C. Mayor Muriel Bowser pledged $500 million in a last-ditch effort to keep the teams
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The billionaire owner of the NHL's Washington Capitals and the NBA's Washington Wizards is about to move his teams from the nation's capital to across the Potomac River.
Ted Leonsis will announce at a press conference Wednesday that he will move the two franchises from their current home base – Capital One Arena in downtown DC – to a newly developed arena in the DC suburb of Alexandria, Virginia.
Virginia state lawmakers approved funding and plans to build an arena in the city's Potomac Yard Neighborhood, according to the Washington Post.
But a final vote is needed to approve the 8,000-square-foot project site.
That gave the city of D.C. time to make one final push — which it got through the mayor's office, which announced late Tuesday that it had approved up to $500 million in funding for a renovation of the Capital One Arena .
Ted Leonsis, the owner of the Washington Capitals and Wizards, could move the teams
After more than 25 years at Capital One Arena, the teams were able to leave for Alexandria, Virginia
But D.C. Mayor Muriel Bowser pledged $500 million to renovate Capital One Arena
'Mr. Leonsis and (his company) Monumental Sports have been critical partners in helping our downtown thrive, especially in the wake of the pandemic,” D.C. Mayor Muriel Bowser said in a statement announcing the funding.
“The modernization of Capital One Arena will be an invaluable investment in continued success and our future prosperity.
“This proposal represents our best and final offering and is the next step in working with Monumental Sports to breathe new life and vibrancy into the neighborhood and keep the Washington Wizards and Washington Capitals where they belong: in Washington, DC.”
Leonsis has cited the need for an $800 million renovation to the arena to continue to meet modern needs.
Opened in 1997, Capital One Arena is only the 16th oldest building in the NHL and the 10th oldest in the NBA.
Before that, the Wizards and Capitals played in Landover, Maryland at the Capital Center.
In addition to Leonsis teams, Capital One Arena is home to the Georgetown University men's basketball team.
Monumental's lease for the building expires in 2027.