The website that Washington lives by.
reports. That deal, which could see the city spend $515 million to upgrade Capital One Arena in exchange for the teams continuing to play there until 2050, is expected to be announced Wednesday.
The agreement between Ted Leonsis, whose company Monumental Sports & Entertainment owns both teams, and DC Mayor Muriel Bowser would still need to be approved by the DC Council. The city recently offered Monumental $500 million to keep the teams downtown.
As Monumental announces today they are staying in Washington DC we are celebrating in Virginia that we avoided the Monumental Disaster! Thank you to everyone who stood with us in this fight!The Virginia proposal would have funded the arena via the creation of a sports authority that would have issued bonds to pay for the project.
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