The Wizards could be moving to the suburbs.
Washington has played its games at the Capital One Arena in the heart of the nation’s capital since 1997, but on Wednesday the governor of Virginia will unveil plans for a new arena in northern Virginia, which would anchor a large new mixed-use development. Ted Leonsis, owner of the Wizards and NHL Capitals (through Monumental Sports), is “preparing” to move his teams to the arena if the development is approved, according to multiple reports. NBC 4 in Washington gave this description of the plan.
The package would include at least one new hotel, a music venue/convention center and a $200 million transportation package, said State Del. George Barker, who also serves on the [Major Economic Investment (MEI) Project Approval Commission]. Another Virginia state senator close to discussions said the convention center would have 3,000 seats. That lawmaker said the package also includes a deal for the front office and TV network of Monumental Sports and Entertainment, which owns the teams.
Adrian Wojnarowski of ESPN said Leonsis is preparing to make the move.
Washington Wizards and Washington Capitals owner Ted Leonsis, the CEO of Monumental Sports and Entertainment, is preparing to move his NBA and NHL franchises to a proposed new arena complex and entertainment district in Northern Virginia, sources told ESPN on Tuesday.
The Virginia General Assembly and local officials still need to approve the project. Monumental would put “hundreds of millions of its own dollars into the project” if approved, reports the Washington Post.
Monumental Sports has been in talks with Washington D.C. about possible upgrades to the Capital One Arena, but now seems more focused on this move out of the heart of the city. The Wizards can get out of the Capital One lease in 2027; it would take at least that long to get all the needed approvals and build the new arena.