D.C. to Acquire Capital One Arena in $87 Million Deal to Retain Sports Teams

Mayor Bowser's proposal includes a major renovation plan to keep the Washington Wizards and Capitals in the city through 2050.

The D.C. Council is set to vote on legislation to purchase Capital One Arena for $87.5 million, part of a larger $515 million renovation plan.
The deal with Monumental Sports & Entertainment aims to prevent the relocation of the Washington Wizards and Capitals to Virginia.
Monumental will lease the arena back from the city for 25 years, contributing $285 million to the renovation, with the project completion targeted for the 2027-28 seasons.
The renovation will include new concourses, expanded training spaces, and improved fan pathways, enhancing the arena's role as a downtown economic anchor.
Virginia's earlier plan to build a new stadium for the teams was blocked by state lawmakers, prompting the current agreement with D.C.