D.C. Proposes $87.5M Purchase of Capital One Arena

Washington, D.C. Mayor Muriel Bowser has proposed a $87.5 million purchase of the Capital One Arena to ensure the Washington Capitals and Wizards remain in the city through 2050. This follows the collapse of a plan to move the teams to Virginia after negotiations fell through in March. The proposal includes leasing the arena back to Monumental Sports and Entertainment, owned by Ted Leonsis, for annual payments of up to $2.5 million, with the arena also being tax-exempt. An additional $515 million from the D.C. Council will fund upgrades to the arena, part of a larger effort to revitalize Downtown D.C. The deal highlights a commitment to making the city a key sports and entertainment hub, benefitting both local residents and businesses. The new and improved arena is expected to be ready by the 2027-2028 season.