DC pushes plan to spend $515 million to buy and renovate Capital One Arena – Washington Examiner
The District of Columbia Council has approved a proposal to invest $515 million in purchasing and renovating the Capital One Arena, located in downtown Washington, D.C. This initiative aims to ensure that all local sports teams remain within the city limits. The plan involves the district acquiring the arena for $87.5 million and leasing it back to Monumental Sports & Entertainment (MSE), the owner of the Washington Capitals and Wizards, until 2050. Alongside the district’s funding, MSE will contribute at least $285 million towards the renovations. The council passed this legislation, known as the Downtown Arena Revitalization Act of 2024, in its initial reading, and it still requires a final vote, Mayor Muriel Bowser’s endorsement, and congressional approval. MSE’s CEO, Ted Leonsis, expressed gratitude for the council’s support and enthusiasm for creating a premier destination for fans and the community.
DC pushes plan to spend $515 million to buy and renovate Capital One Arena
The Council of the District of Columbia voted in favor of legislation to revamp Capital One Arena in downtown Washington, D.C., as the city looks to have all its sports teams within the district limits.
The legislation would have the district purchase the arena for $87.5 million and lease it back to Monumental Sports & Entertainment, which owns the Washington Capitals and Wizards, through 2050, along with a renovation to the venue that would be funded by both the city and the ownership group. The district would provide a total of $515 million to purchase the venue and renovate it, while MSE would provide at least $285 million for renovations.
The council voted unanimously to pass the bill, titled the Downtown Arena Revitalization Act of 2024, through the first reading. To be enacted into law, the legislation will have to pass a final reading, review by D.C. Mayor Muriel Bowser, and congressional approval.
“We are grateful to the D.C. Council for their support of our plan to deliver a best-in-class destination for fans, athletes, employees, and our community at a brand-new Capital One Arena,” MSE CEO Ted Leonsis said in a post on X.
“We look forward to the final Council vote and thank [council chairman Phil Mendelson] and @MayorBowser for their leadership. We share in their vision and commitment to a revitalized downtown and sustained, long-term prosperity which reaches across each of The District’s eight wards,” he added.
The council also approved legislation that would create a “Ballpark Maintenance Fund” for the Washington Nationals’s ballpark in Navy Yard, allowing for improvements to the venue to secure the team remaining in D.C., alongside the NBA and NHL teams.
D.C. is currently fighting with Maryland and Virginia over the future stadium for the Washington Commanders as they seek to vacate the aging Northwest Stadium in Landover, Maryland.
The team played at RFK Stadium in D.C. from 1961 until 1996 before leaving for Maryland. The district moved one step closer to wooing the Commanders, with the Senate pushing forward legislation that would give the district control of the land where RFK Stadium is to possibly build a new stadium. The bill now must pass through the House and be signed by President Joe Biden before the new Congress convenes in January.
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