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DC mayor proposes $87.5M purchase of Capital One Arena. Teams will stay in DC until 2050 – WTOP News

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According to the legislation, if approved, the District would buy the venue for $87.5 million and then lease it back to Monumental Sports, the ownership group of both sports teams, until 2050.

A rendering of an updated entrance on F Street NW.
(Courtesy Monumental Sports and Entertainment)

Courtesy Monumental Sports and Entertainment

Renovated entrance on F Street
A rendering of an renovated entrance on F Street.
(Courtesy Monumental Sports and Entertainment)

Courtesy Monumental Sports and Entertainment

Main concourse level of Capital One Arena
A rendering of the main concourse level of Capital One Arena in D.C.
(Courtesy Monumental Sports and Entertainment)

Courtesy Monumental Sports and Entertainment

Updated food hall at Capital One Arena
A rendering of an updated food hall at Capital One Arena.
(Courtesy Monumental Sports and Entertainment)

Courtesy Monumental Sports and Entertainment

Wizards Locker Room
A rendering of updates to the Wizards’ locker room.
(Courtesy Monumental Sports and Entertainment)

Courtesy Monumental Sports and Entertainment

Capitals Locker Room
A rendering of updates to the Capitals’ locker room.
(Courtesy Monumental Sports and Entertainment)

Courtesy Monumental Sports and Entertainment

Wizards Training Room
A rendering of a redesigned training room.
(Courtesy Monumental Sports and Entertainment)

Courtesy Monumental Sports and Entertainment

Capitals Film Room
A rendering of a film room for the Capitals’ teammates to plan plays.
(Courtesy Monumental Sports and Entertainment)

Courtesy Monumental Sports and Entertainment

Players' Family Lounge
A rendering of a redesigned lounge for players’ families.
(Courtesy Monumental Sports and Entertainment)

Courtesy Monumental Sports and Entertainment

Mayor Muriel Bowser has submitted a new bill to the D.C. Council to transfer ownership of Capital One Arena to the city, keeping the Washington Capitals and Wizards in D.C. through at least 2050, WTOP has learned.

According to the legislation, if approved, the District would buy the venue for $87.5 million and then lease it back to Monumental Sports, the ownership group of both sports teams, until 2050.

Monumental Sports could extend the lease through 2070, according to a news release from Monumental Sports.

In April, the D.C. Council unanimously approved allocating $515 million to redevelop the arena. As part of the terms of that agreement, the District agreed to purchase the venue.

The money D.C. will spend on buying arena is included in that $515 million investment, according to Monumental.

Monumental Sports will use money it receives from the District for purchasing the area to reinvest in the renovations project. Separately, the ownership group said it also plans to chip in an additional $285 million for renovations.

Monumental would also cover any costs associated with going over budget.

The proposal would allow the District to own the arena — and the renovations it made the venue through public investment — as well as the land underneath Capital One. Under the previous arrangement, the District would have eventually owned the arena when the lease expires in 2047, according to Monumental.

Under the new lease, the teams would not be allowed to consider moving venues until June 20, 2045. After that date, they could negotiate a possible move with other jurisdictions, according to Monumental.

“We’re keeping Washington’s teams where they belong — here in the Sports Capital, and we’re
doubling down on having a world-class destination and entertainment district in the center of DC,” Bowser said in a news release. “We know that when our Downtown does well, our city does well. This catalytic investment is an investment in our residents and businesses in all eight wards.”

Monumental Sports would continue to pay rent to the District annually under the bill. The rate would start at $1.5 million for the first six years, then escalate incrementally to $2.3 million, according to Monumental.

What changes are coming to Capital One Arena?

The renovations are expected to create thousands of jobs and construction is expected to begin “as soon as practicable,” according to a news release from Monumental.

The arena will be closed during offseason/summer months for construction, according to Monumental.

During the Wizards and Capitals seasons, construction will go on behind-the-scenes.

Neither Monumental not the mayor’s office commented on when exactly renovations would begin.

Monumental said the renovations are expected to be finished in time for the 2027-28 season.

The planned renovations include expanding the main entrance on F Street to make it easier for fans to move through. The concourses will be widened and crews are installing more elevators and escalators.

The area with concessions will be larger and they’re adding bathrooms.

Athletes will get new training rooms, an expanded family lounge and a new area for dining. The Washington Capitals will have a new film room for reviewing and planning out plays. There wasn’t room for the Wizards to have a training room at Capital One Arena before, but the renovations will put in an on-site training facility.

News outlet NBC Washington first reported details on the proposed arena purchase.

This all comes after a deal negotiated between Monumental CEO Ted Leonsis and Virginia Gov. Glenn Youngkin to relocate the two teams to Virginia fell through in March.

This story is developing. Stay with WTOP for the latest.

WTOP’s Tadiwos Abedje and Ciara Wells contributed to this story.

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Jessica Kronzer

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