The majority owner of the NBA’s Washington Wizards and NHL’s Washington Capitals, Ted Leonsis, announced plans on Wednesday he will move those franchises from Washington, D.C., to Virginia by 2028. Leonsis took control of the Capitals and Capital One Arena in 1999, acquired the WNBA’s Washington Mystics in 2005, and the Wizards in 2010.
The CEO of Monumental Sports & Entertainment said in a press release that the company reached a “framework of an agreement for a public-private partnership” to build an entertainment district in Alexandria, Va., at Potomac Yard. Leonsis said: “We are committed to providing world-class fan experiences while continuously evolving our teams, deepening community ties and solidifying our role as leaders at the forefront of sports and technology. The opportunity to expand to this 70-acre site in Virginia, neighboring industry-leading innovators, and a great academic partner, would enable us to further our creativity and achieve next-generation, leading work — all while keeping our fans and the community at the forefront of everything we do.”
The proposal includes a $2 billion, 9 million square-foot campus for Monumental Sports & Entertainment’s headquarters, an arena for both franchises, a media studio, a Wizards practice facility, a performing arts venue, an Esports facility, retail, restaurants and more. Monumental said Capital One Arena, home of the Wizards and Capitals in Washington, could potentially be updated to be the future home of the WNBA’s Washington Mystics. Currently, The Capitals’ practice facility is in Arlington, Va. The Mystics, also owned by Leonsis, currently play at the Entertainment and Sports Arena in southeast Washington.
Virginia Gov. Glenn Youngkin also spoke alongside Leonsis about the planned move at a news conference Wednesday in Alexandria. Virginia officials said they are still working on additional plans for transportation related to their project, and that the relocation also must be approved by the state’s General Assembly and Alexandria City Council.
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