DC offers $500M in arena renovations as Wizards, Capitals owner prepares relocation plans, source says – WTOP
The majority owner of the Washington Capitals and Washington Wizards, Ted Leonsis, is expected to appear with Virginia Gov. Glenn Youngkin Wednesday morning and announce plans to move the teams to Potomac Yard in Alexandria.
A source familiar with the matter confirmed details of the Potomac Yard event to WTOP. They indicate that an agreement to bring the franchises to Virginia has all but reached the finish line, despite efforts from D.C. to keep the teams in the District.
Wednesday’s event, first reported by the Washington Business Journal, is expected to begin at 9 a.m. in three tents that have been put up at 3405 Potomac Ave. in Alexandria.
Following news of the announcement, D.C. Mayor Muriel Bowser released details Tuesday night of the city’s “best and final offer” to keep the Wizards and Capitals in Capital One Arena in the Chinatown section of the Penn Quarter neighborhood.
The legislation unveiled by Bowser and D.C. Council Chairman Phil Mendelson would put $500 million in city funding toward the renovation and modernization of Capital One Arena.
“Downtown DC is the District’s economic engine that provides revenue resources to support important programs in the city. Mr. Leonsis and Monumental Sports have been critical partners in keeping our downtown thriving, especially after the pandemic,” Bowser said in a news release.
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