Monumental weighing move to Virginia for Capitals, Wizards
Virginia is working on a plan to lure the Washington Wizards and Washington Capitals sports franchises to a new development at Potomac Yard in Alexandria, according to a lawmaker with knowledge of the discussions.
The teams are owned by Ted Leonsis’ Monumental Sports & Entertainment and can end their current lease at D.C.’s Capital One Arena in 2027.
Any arena proposals would likely need to be voted on by Virginia’s full General Assembly, which next convenes in January.
The discussions reflect a reality about to be facing the District — multiple sports teams seeking major investments at a time when the city is struggling financially and working to revitalize a downtown that has yet to fully bounce back post-pandemic.
D.C. Mayor Muriel Bowser’s office sent The Times the following statement, alluding to her work with City Council Chairman Phil Mendelson.
“Mayor Bowser and Chairman Mendelson have worked together closely, and in lockstep, to put forward a strong proposal to Monumental Sports, and after several months of negotiations, we are committed to seeing this through as a vital component of DC’s Comeback,” her office wrote.
The Washington Commanders’ lease at FedEx Field in suburban Maryland also ends in 2027, and Bowser has said that the city will aggressively pursue the team. The Washington Nationals are also seeking upgrades to their stadium, which opened 15 years ago.
The Commanders, then the Redskins, agreed to a deal to build a stadium at Potomac Yard in the ‘90s, before the agreement ultimately fell through, leading them to the Landover site where their current stadium was built.
During those negotiations, team officials touted that it was quicker to get to Potomac Yard from the White House than it was to reach RFK Stadium. (On Monday afternoon, Google Maps confirmed this is still the case.)
Lawmakers representing Alexandria either declined comment or did not respond to requests for comment on Monday afternoon.
A small group of Virginia senators met in Richmond on Monday to discuss a potential deal with Monumental. A spokesperson for Gov. Glenn Youngkin declined to comment on the stadium issue, as did the Alexandria Economic Development Partnership.
One Virginia legislator wrote by text message: “Can’t discuss.”
If the Capitals and Wizards relocated to Virginia, they would be the first pro sports teams to play regular-season games in the state since the American Basketball Association’s Virginia Squires folded. The Potomac Yard neighborhood recently added Metro service on the Yellow and Blue Lines.
In a statement, Monumental did not directly address the Virginia proposal.
A company spokesperson wrote: “Monumental Sports & Entertainment is committed to delivering the best fan experience, winning championships, giving back to our communities, and becoming the most valuable regional sports and entertainment enterprise in the world so that we can continue to reinvest in our fans and community. Our commitment to the DMV is unwavering and we look forward to sharing plans for future investments.”
Any specifics would likely be released as part of legislation that would be submitted in January.
Monumental has asked for $600 million from the District to renovate Capital One Arena, according to a person with knowledge of the situation. Virginia hasn’t tipped its hands on finances, but at one point earlier this year was discussing offering a $1 billion subsidy to relocate the Commanders to Woodbridge.
Virginia also still has a lucrative incentive to offer in the form of a casino in Northern Virginia. When the state authorized gambling, it designated five localities across the state, but none were in the population- and cash-rich D.C. suburbs. Since then, momentum has grown towards authorizing casino gaming in the region, particularly given the success of MGM’s National Harbor casino across the Potomac River in Maryland.
Last year’s state budget authorized, at the request of Youngkin, $250,000 to study bringing sports teams to the state. D.C. has signed off on its own sports study at an estimated cost of $394,000, as it works through which teams and venues to prioritize in the upcoming round of negotiations.
One liberal-leaning website, Blue Virginia, came out against the Virginia proposal, writing on social media: “Virginia tax dollars shouldn’t be subsidizing wealthy sports owners/franchises.”
Leonsis has hinted in the past about turning Monumental into a publicly traded company, which could raise some of the money needed for a big investment. He also became the first NBA owner to accept investment from a foreign fund, selling a share of the company to a Qatari investment vehicle earlier this year.
