Washington Capitals owner Ted Leonsis could announce the National Hockey League (NHL) franchise's move to Northern Virginia as early as Wednesday.
This project has been discussed since June due to the businessman's dissatisfaction with the location of the Capital One Arena and the city's investments. The goal now would be to bring the Capitals and the Wizards (NBA), two properties of the Monumental Sports & Entertainment group, into a new complex to be built in the Potomac Yard area, just 9 km from Washington, DC
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Leonsis and Virginia Gov. Glenn Youngkin will both attend an event at Potomac Yard on Wednesday morning, ABC has learned. The announcement of the collaboration between the two men is expected.
Virginia recently approved construction of an 8 million-square-foot sports and multi-purpose complex in Alexandria. Only the Potomac River could separate the Capitals from their former home.
A late offer
Capital One Arena is an amphitheater that opened 26 years ago. According to the Washington Business Journal, Monumental has invested $160 million in renovations so far. The company recently applied for $600 million in public funding to cover part of the $800 million needed to upgrade the building.
On Tuesday evening, Mayor Muriel Bowser announced a $550 million offer over three years.
“This proposal is our best and final offer and the next step in our partnership with Monumental Sports to bring new life and vitality to this neighborhood and keep the Washington Wizards and Washington Capitals where they belong: in Washington, DC DC, “ says a press release from the city.
If the new complex project in Virginia moves forward, construction could begin in 2025 and the two teams could move there in 2028.