One year after Monumental Sports & Entertainment explored a possible move to Alexandria, Va., the D.C. Council has finalized a package to renovate Capital One Arena
On Tuesday, the D.C. Council voted unanimously in favor of renovating Capital One Arena with a $515 million package that also involves the D.C. government purchasing the arena from Monumental Sports & Entertainment.
This move officially ends after a big year for the company, which started with Monumental Sports looking at options to move the Washington Wizards and Capitals to Alexandria in Nov. 2023, and ending with an agreement to keep the teams in Chinatown.
The arena will update its concourses, and the Wizards are expected to get a new practice facility in Gallery Place. It may sound like overkill when the Wizards opened a joint practice facility with the Mystics in 2018, but NBA teams have been building new ones in recent years.
Monumental Sports CEO Ted Leonsis made a statement on his X account.
BIG NEWS The DC Council has voted to approve legislation supporting the transformation of @CapitalOneArena. We can now break ground on creating a world class facility for the best fans and athletes in the world.
Thank you to @MayorBowser, @ChmnMendelson, our Councilmember… pic.twitter.com/RfELg75hlj
— Ted Leonsis (@TedLeonsis) December 17, 2024
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