ESPN News Services
Mar 27, 2024, 04:31 PM ETOpen Extended Reactions
WASHINGTON — The NBA’s Washington Wizards and NHL’s Washington Capitals are staying in the District of Columbia for the long term after ownership and the city reached an agreement on a $515 million arena project.
Owner Ted Leonsis and Mayor Muriel Bowser signed a letter of intent on Wednesday for the deal, which keeps the teams in the district through 2050. They announced the development at a joint news conference at Capital One Arena minutes later.
“It’s a great day, and I’m really relieved,” Leonsis said. “This was not only the right thing for the community, the right thing for the city, the right thing for us, it’s a really smart business deal.”
The project is set to include 200,000 square feet of expansion of the arena complex into the nearby Gallery Place space, the creation of an entertainment district