There has been another development in the ongoing saga regarding the possible relocation of the Washington Capitals and Wizards teams’ arena from D.C. to Alexandria, Virginia. According to a letter from the D.C. Office of the Attorney General, the teams are contractually obligated to remain in the District until 2047.
In the letter, dated Tuesday, to Monumental Sports & Entertainment’s general counsel Abby Blomstrom, D.C. Attorney General Brian Schwalb cited legislation from July 2007 in which D.C. provided $50 million through municipal bonds for arena renovations with the caveat that the lease would be extended an additional 20 years beyond its initial 2027 time frame.
Monumental has stated previously it can legally end its lease at Capital One Arena early, citing amendments to the original agreement.
Schwalb countered this, stating the legislation doesn’t include any amendments that would allow the company to “extinguish or revoke the lease extensions upon prepayment of the outstanding bond debt.”
He further posited that Monumental had already broken additional contractual obligations by negotiating with Virginia.
Click here to read the rest of the article written by Jenna Romaine over at WTOP
