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Monumental Sports Signs $515 Million Dollar Deal to Keep Wizards and Caps at Capital One Arena Thru 2050

Wizards and Caps Owner Ted Leonsis Shakes Hands on a $515 Million Dollar Deal to Keep the Teams in D.C Until 2050.

Story By: Erin Zollars

Photos By: Sol Tucker

Washington, D.C–

Sometimes you just have to fight to get what you want until the end.. this is exactly what the District of Columbia did to insure that Monumnental Sports and Entertainment keeps the Wizards and Caps in the District until 2050.

The agreement still needs D.C. Council approval, and Council Chair Phil Mendelson said it will be up for a vote Tuesday and is expected to pass. The $515 million deal will be folded into the city’s capital budget to be paid over the next three years.

“We are just very, very pleased to be able to support one of our most important employers, one of our most popular destinations, and continue to invest in catalytic initiatives and businesses that will bring the District all the way back,” said Bowser, who was wearing a Wizards jersey during the news conference at Capital One Arena announcing the deal.

Today’s news was a huge blow to Virginia, Glenn Youngkin and the deal at Potomac Yard, which just days after it was announced passed funding in Richmond but was met with huge opposition just days after it was announced.

Monumental owner Ted Leonsis said more space around Capital One Arena has become available recently, which will allow Monumental to fulfill its vision of a sports and entertainment complex in Downtown D.C., rather than having to relocate to Potomac Yard.

In December, D.C. offered $500 million in upgrades to the arena to keep the teams from moving to Virginia. The agreement announced Wednesday includes an additional $15 million for improvements to the alley connecting Gallery Place to Capital One Arena.

Under the proposed move to Alexandria, taxpayers in Virginia would have backed $1.5 billion in bonds to build the sports and entertainment complex. Leonsis would have put in $400 million in cash and paid rent on the Virginia facilities for years.

Monumental has already made some big upgrades to the current arena and it drew praises of those in attendance at the most recent ACC tournament.

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