D.C. Mayor Muriel Bowser and Monumental Sports & Entertainment owner Ted Leonsis have agreed to terms to keep the Washington Wizards and Capitals at Capital One Arena in downtown D.C.
The District would spend $515 million over three years to improve the 26-year-old Chinatown arena and Monumental in turn would agree to keep the teams in D.C. through 2050.
“The lease is the rest of my life. I’ll be almost 100,” Leonsis said at the arena on Wednesday after signing an agreement with Bowser with members of the D.C. Council on hand. The council will vote on the deal on Tuesday.
The news comes after Alexandria and Virginia announced Wednesday afternoon they had ended negotiations with Monumental for a new sports and entertainment district at Potomac Yard.
“Virginia’s kinda two states you know, it’s Richmond and Northern Virginia and they need to get together,” Leonsis said.
