Capitals and Wizards move to Virginia falls through

The potential move to Virginia for the Washington Capitals and Wizards along with the construction of an entertainment district have been scrapped.

Alexandria Mayor Justin Wilson released a video statement yesterday announcing they have ended all negotiations on the $2 billion complex.

A few hours later, DC Mayor Muriel Bowser and Ted Leonsis, owner of the Washington Capitals and Wizards through his organization Monumental Sports and Entertainment, announced a $500 million investment to modernize Capital One Arena and improve the surrounding areas.

Governor Glenn Youngkin, who advocated for the move, released a statement regarding his disappointment in the deal falling through.

Youngkin previously stated that the entertainment district could bring $12 billion and 30,000 jobs to the Commonwealth.

Opponents of the deal cited the $1.5 billion in bonds supported by Virginia tax payers and a recent announcement from DC’s Attorney General that found Monumental had previously agreed to stay in the city till 2047.

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Gov. Youngkin announces proposal to bring Caps and Wizards to VA.

Governor Glenn Youngkin announced a $2 billion public-private partnership that hopes to create an Entertainment District at Potomac Yard in Alexandria.

The proposed 9 million square foot district will feature the global corporate headquarters of Monumental Sports and Entertainment.

Monumental Sports and Entertainment is the parent company of the Washington Capitals and Wizards.

If approved by the Virginia General Assembly and the city of Alexandria, the facility is expected to create approximately 30,000 jobs and generate $12 billion for the Commonwealth.

The proposed facility will house Monumental Sports media studio, practice facility for the Wizards, performing arts venue, and an expanded esports arena.

The facility will also include retail, residential, restaurants, hotels, conference, and community gathering spaces.

At December 13 press conference Virginia’s Secretary of Finance Stephen Cummings confirmed that no existing taxes or tax increase is a part of the financial plan.

If approved a groundbreaking is planned for 2025 with a 2028 opening expected.

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