WASHINGTON — The NBA’s Washington Wizards and NHL’s Washington Capitals are staying in the District of Columbia for the long term after a plan to lure the teams to Virginia imploded and ownership and the city reached an agreement on a $515 million, publicly funded arena project.
The agreement between Monumental Sports & Entertainment and the city came as officials in Alexandria, just across the Potomac in Virginia, said talks for a new arena that would have moved the teams there had ended.“You’re in this arms race to build bigger and better and higher quality and we’ve been running out of space,” Leonsis said, referencing the new entertainment community the agreement envisions that is not nearly as big as the 12 acres that were dedicated to the arena in Virginia.
“This should have been our deal and our opportunity, all the General Assembly had to do was say: ‘thank you, Monumental, for wanting to come to Virginia and create $12 billion of economic investment, let’s work it out.’ But no, personal and political agendas drove away” the deal, he said. “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.”
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