DC mayor proposes $87.5M purchase of Capital One Arena
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.
D.C. Mayor Muriel Bowser plans to submit a new bill to the D.C. Council to transfer ownership of Capital One Arena, home of the Washington Capitals and Wizards, to the city.
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.
In April, the D.C. Council unanimously approved allocating $515 million to redevelop the arena. Monumental Sports plans to chip in at least $285 million for renovations.
Details of the agreement are expected to be released at an event on Monday morning, and city leaders and officials from Monumental Sports will attend.
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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