WASHINGTON — The NBA’s Washington Wizards and NHL’s Washington Capitals are staying in the District of Columbia.
The agreement between Monumental Sports & Entertainment and the city came as Alexandria officials said talks for a new arena that would have moved the teams to Virginia had ended. The District will pay $515 million to renovate and the nearly 30-year-old building, according to a letter Leonsis sent to employees obtained by The Associated Press.
In a statement, the governor expressed disappointment and frustration over the demise of a plan he said would have created $12 billion in economic investment, laying blame with the Democratic-controlled state Legislature. “We negotiated a framework for this opportunity in good faith and participated in the process in Richmond in a way that preserved our integrity," the statement said. “We trusted this process and are disappointed in what occurred between the Governor and General Assembly.”
Youngkin and other supporters said the development would generate tens of thousands of jobs, along with new tax revenues beyond what would have been needed to cover the financing.
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NHL's Capitals and NBA's Wizards are staying in Washington after Virginia arena deal collapsesWASHINGTON (AP) — The NBA’s Washington Wizards and NHL’s Washington Capitals are staying in the District of Columbia. Owner Ted Leonsis and Mayor Muriel Bowser announced the development at a news conference at Capital One Arena on Wednesday.
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