Wizards and Capitals Owner Ted Leonsis Plans to Move Franchises to Virginia
Washington Wizards and Washington Capitals owner Ted Leonsis is preparing to move his NBA and NHL franchises to a proposed new arena complex and entertainment district in northern Virginia.
Franchises to Move to New Arena Complex in Virginia
Ted Leonsis, the CEO of Monumental Sports & Entertainment and owner of the Washington Wizards and Washington Capitals, is planning to relocate his NBA and NHL franchises to a new arena complex in northern Virginia, according to sources.
The plan, set to be announced at a news conference with Virginia Gov. Glenn Youngkin, involves moving the teams to a massive new development in Alexandria's Potomac Yard neighborhood.
Virginia state lawmakers have already approved the arena project, and construction could potentially begin in 2025, with the teams playing in the new arena by 2028.
Current Venue and Possible Renovations
The Wizards and Capitals have been playing their home games at Capital One Arena in downtown Washington, D.C. since 1997, and will continue to do so until the new arena is constructed.
Leonsis and Washington city officials were in discussions regarding potential renovations to the current venue, with Leonsis seeking $600 million in public funding. However, Mayor Muriel Bowser has announced a new bill offering $500 million in financing for a complete renovation of Capital One Arena.
Leonsis could potentially exit the Capital One Arena lease in 2027, paving the way for the move to Virginia.
