The event, which could signal an imminent deal between Monumental Sports, which owns the team, and the state. The event will be held inside three tents at 3405 Potomac Avenue in Alexandria at 9 a.m
Monumental Sports, the organization that owns the Washington Capitals and Washington Wizards, and Virginia Gov. Glenn Youngkin will announce plans that could mean a relocation for both teams from the District to Potomac Yard.
Virginia Gov. Glenn Youngkin is expected to discuss the plans Wednesday at 9 a.m. inside three tents at 3405 Potomac Avenue in Alexandria alongside Monumental Sports majority owner Ted Leonis.
Ahead of the event, Monumental Sports said the state and organization would partner to create a new entertainment district campus that would include a “new Capitals and Wizards arena for the region and Monumental Sports’ new global business headquarters.”
“This would relocate the NHL’s Washington Capitals and the NBA’s Washington Wizards’ home arena to Virginia beginning in 2028, should the proposal become finalized,” Monumental Sports said.
The 70-acre project, which includes a large Alexandria arena, underground parking and a separate 3,000-seat concert venue would be located near Amazon’s new HQ2 development in the National Landing area and the newly-opened Potomac Yard Metro station.
The plan still needs approval from the state’s General Assembly and the Alexandria City Council.
“Throughout its history, Monumental Sports has undergone remarkable growth. And, with this public-private partnership with the Commonwealth of Virginia, the City of Alexandria and JBG SMITH, we anticipate an even more dynamic future,” Leonsis said. “We believe this expansion would enable us to uphold our commitment to building an exceptional experience for our fans, employees, and partners.”
As for Capital One Arena, Monumental said, the goal is to continue investing in the arena and update the building into one that could host up to 20,000 people and continue to host events like concerts and collegiate competitions.
“Monumental envisions Capital One Arena as maintaining its position as a vital and vibrant point of connection in downtown D.C. Moreover, in the future, the Monumental team would be able to secure more family shows and accommodate annual bookings and mini-residencies that require long-term planning, which is currently not possible with the seasonal changes from the NBA and NHL’s game schedules,” the organization said.
The WNBA’s Washington Mystics, which are also owned by Monumental Sports, were not included in the proposal but could find their new home at Capital One Arena if this plan is put into effect.
“Monumental is excited about the potential opportunity to update Capital One Arena to be the future home of the Washington Mystics, increasing the company’s investment in the Mystics, creating a gameday experience tailored specifically for the Mystics, and allowing this championship-winning team to continue to grow the franchise and its fanbase,” the group said.
Monumental Sports said that, since majority owner Leonsis took ownership, he’s invested “over $200 million in the building – more than the original cost of $170 million to build the arena in 1997.”
“In the last five years alone, Monumental has invested or planned investments that total well over $125 million – and those green-lit investments will continue to be implemented, ensuring fans continue to receive a best-in-class experience at Capital One Arena,” Monumental Sports said.
D.C. Mayor Muriel Bowser and Council Chairman Phil Mendelson made their “last and best offer” Tuesday evening after a plan was approved Monday by 12 state lawmakers on Virginia’s Major Employment and Investment Project Approval Commission.
“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. “The modernization of the Capital One Arena will be an invaluable investment for continued success and our future prosperity.”
More information about the project is available online.
This is a developing story. Stay with WTOP for the latest.
