Capitals, Wizards Secure Future in D.C. with $515 Million Arena Deal

The agreement thwarts Virginia's bid, ensuring the teams' presence in the capital through 2050 alongside major community and infrastructure enhancements.

The Washington Capitals and Wizards will remain in D.C. through 2050 after a $515 million publicly funded arena deal was reached, thwarting Virginia's bid to acquire the teams.
D.C. Mayor Muriel Bowser and Ted Leonsis, owner of the teams, announced the agreement, which includes significant expansions and upgrades to the current arena complex.
The deal's failure in Virginia was attributed to political divisions and concerns over the financial structure of the proposed $2 billion development district in Alexandria.
Virginia Governor Glenn Youngkin expressed disappointment and blamed Democrats for the deal's collapse, while critics in Virginia celebrated avoiding a 'Monumental Disaster.'
The new D.C. agreement promises an entertainment district, safety, and transportation improvements, aiming to bolster the city's economic and community development.

Cleveland Plain Dealer