Ted Leonsis and Washington Mayor Muriel Bowser have struck a deal to keep the Washington Wizards and Washington Capitals at Capital One Arena in downtown Washington DC until at least 2050.
Leonsis, through his parent company Monumental Sports and Entertainment, formalized the agreement with the city through a signed letter of intent on Wednesday afternoon.
The agreement follows unsuccessful attempts to build a new arena in Alexandria, Virginia, which failed to gain approval from the state legislature.
As part of the deal, the city will provide $500 million in cash to Monumental for the renovation of Capital One Arena.
Leonsis addressed criticism about relocating the Wizards to Potomac Yard, stating that he views the District, suburban Maryland, and suburban Virginia as one community. He highlighted the history of the teams playing in Landover, Maryland, before moving to downtown Washington.
Wizards Reach Deal With Washington D.C. To Stay At Capital One Arena Through 2050 https://t.co/JinyAu7i3z
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