The government of Monumental Sports, DC is seeking a deal to renovate Capital One Arena

WASHINGTON – After months of negotiations with the parent company that includes the NBA's Washington Wizards, the NHL's Washington Capitals and the WNBA's Washington Mystics, the mayor of the District of Columbia has introduced a bill that, if approved by the City Council, would allow the sale of the Capital One Arena's $87.5 million bid to the district set the stage for the arena renovation, which is scheduled to be completed for the 2027-28 Wizards and Capitals seasons.

Monumental Sports and Entertainment would then lease the arena and its property back from the district through June 2050, and Monumental would have five four-year extension options, potentially extending the lease through 2070.

Ted Leonsis, CEO of Monumental, the primary owner of the Wizards, Capitals and Mystics, originally wanted to move the Wizards and Capitals to Alexandria, Virginia, but those plans fell through after the proposal ran into obstacles in the Virginia Senate.

In March, Washington Mayor Muriel Bowser and Leonsis signed a term sheet aimed at keeping the Wizards and Capitals in DC In a letter to the mayor, Leonsis noted that Monumental had agreed to contribute “at least $285 million” to the arena's renovation and cover any cost overruns.

In April, the City Council voted unanimously to allocate $515 million to the renovation project.

In a post on Our vision for a completely reimagined sports and entertainment destination will be ambitious, reflective of our community and designed to delight our most passionate fans as well as casual fans.

“We focused our plan on three goals: to create the best experience for the world's biggest fans, to create the best destination for elite athletes and their families, and to build the center of commercial economic success in Downtown DC.”

(This story is being updated.)

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(Image above: Rendering of the main entrance on F Street NW / Courtesy of Monumental Sports and Entertainment)