D.C. Mayor Muriel Bowser has proposed a new bill to the D.C. Council that would transfer ownership of Capital One Arena to the city, securing a long-term stay for both the Washington Capitals and Wizards in D.C.
According to Mayor Bowser, this move will solidify Washington’s status as the Sports Capital and enhance its reputation as a premier destination for entertainment. The plan includes transforming the arena into a world-class venue at the heart of DC.
If approved, Monumental Sports & Entertainment – which owns both teams – will sell Capital One Arena to the District for $87.5 million and then lease it back until 2050. In April, $515 million was allocated by D.C.’s Council towards redeveloping this iconic arena.
Monumental Founder & CEO Ted Leonsis expressed excitement about their vision for an innovative sports and entertainment hub that reflects their community’s values while also impressing die-hard fans and casual attendees alike.
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