The District government is still working to keep the Washington Wizards and Capitals in D.C., circulating a last-minute bill — mere hours before Monumental Sports & Entertainment is expected to reveal its intention to leave for Northern Virginia — that would provide $500 million for the modernization of Capital One Arena.
The legislation, to be introduced either late Tuesday or early Wednesday by D.C. Council Chairman Phil Mendelson on behalf of Mayor Muriel Bowser, would provide Monumental with $167 million in fiscal year 2024, $167 million in 2025 and $166 million in 2026 for the rehabilitation of the downtown arena, according to a copy of the measure. Bowser, in a statement, called this “our best and final offer and the next step in partnering with Monumental Sports to breathe new life and vibrancy into the neighborhood and to keep the Washington Wizards and the Washington Capitals where they belong – in Washington, DC.”
It may be too little — Monumental reportedly sought $600 million in public funds to support an $800 million transformation of the 26-year-old Capital One Arena — and too late. As we first reported, Monumental Chairman and CEO Ted Leonsis is expected to join Virginia Gov. Glenn Youngkin in Potomac Yard on Wednesday morning to announce the framework of a deal to move the team across the Potomac River to Alexandria.
