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last yr.

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.

Overview

  • 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.