Monumental Sports & Entertainment, which owns the Wizards, Capitals and Mystics, has asked D.C. for $600 million of public funding for a major renovation of Capital One Arena, according to two people with knowledge of the situation.
The funding would make up the bulk of an $800 million renovation plan Monumental has outlined to the city, according to the two people, who spoke on the condition of anonymity to discuss sensitive negotiations. The remaining $200 million would be covered by Monumental, which is owned by founder and chief executive Ted Leonsis.
One of the people outlined the ask: Monumental would receive the $600 million over four years and use it mostly on construction. The major priorities are to transform the seating bowl — fewer nosebleed seats, more seats close to the court and ice — as well as add a food court that would be open during nongame hours and a new, glassy entrance at Seventh and F streets. Monumental wants to do incremental construction over four consecutive summers, starting in 2024, to avoid disrupting the playing seasons of the Capitals or Wizards, this person said.