Monumental Sports, the group led by Ted Leonsis which owns the Wizards, has formally disclosed their intention to relocate the team from Washington D.C. to Alexandria, Virginia. In addition to this move, Monumental Sports, which also manages the NHL’s Washington Capitals, will be involved in the relocation.
On Monday, Virginia state lawmakers approved a proposal to build a new arena and “entertainment center” in Alexandria’s Potomac Yard neighborhood, as reported by The Washington Post. However, the plan still requires approval from the full General Assembly and local officials.
The goal, as revealed today, is to complete the construction of the arena and transfer the Wizards and Capitals by 2028.
“We are committed to providing exceptional fan experiences while continually improving our teams, strengthening community ties, and solidifying our position as front-runners in the sports and technology industry,” stated Leonsis in a message. “The opportunity to expand to this 70-acre site in Virginia, alongside leading innovators in the industry and a distinguished educational partner, would allow us to further fuel our creativity and achieve ground-breaking milestones – all while keeping our fans and the community at the forefront of our efforts.”
Monumental Sports’ announcement and The Washington Post’s report indicate that the Virginia plan will involve a partnership between the public and private sectors, with contributions from both Leonsis and local taxpayers.
According to Adrian Wojnarowski of ESPN, officials in Washington, D.C. have been working to keep the Wizards in the downtown Capital One Arena, where the Wizards and Capitals have been playing since 1997. Leonsis has sought $600MM in public funding for an arena renovation;However, the new bill revealed by Mayor Muriel Bowser on Monday suggests providing Monumental Sports with $500MM in financial aid for that project.
The final proposal signifies the next step in forming a partnership with Monumental Sports to inject new energy and vigor into the area and to maintain the presence of the Washington Wizards and the Washington Capitals in Washington, DC,” Bowser stated, according to Wojnarowski’s report.
Nevertheless, it seems that the D.C. bill might be ineffective, as Leonsis’ primary focus is to advance the new entertainment district in Alexandria. The planned complex is poised to include a new arena, a training facility for the Wizards, the corporate headquarters of Monumental Sports & Entertainment, a media studio for Monumental Sports Network, a performing arts venue, and an expanded esports facility.
If the Virginia plan progresses smoothly, Leonsis intends to transform Capital One Arena into a flexible arena capable of accommodating between 10,000 and 20,000 individuals, and it will continue to be a venue for concerts, sporting events, and various other gatherings. Additionally, it will serve as the home arena for the WNBA’s Washington Mystics.
As per Wojnarowski, Leonsis’ franchises have the power to terminate their lease with Capital One Arena in 2027. The Alexandria plan involves creating a Virginia stadium authority to own the proposed complex, leasing it to Monumental Sports & Entertainment for a period exceeding 30 years, as per The Washington Post’s report.
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