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The terms of the $515M deal between Washington, D.C., and the owner of its professional basketball and hockey teams to stay downtown have come into focus.
Mayor Muriel Bowser introduced legislation over the weekend that would clear the way for the District to purchase Capital One Arena in Chinatown from Monumental Sports & Entertainment, then lease it back to the sports group through at least 2050.
The agreement includes four five-year term extensions that could take the lease as far as 2070.
“We’re keeping Washington’s teams where they belong — here in the Sports Capital, and we’re doubling down on having a world-class destination and entertainment district in the center of DC,” Bowser said in a statement. “We know that when our Downtown does well, our city does well. This catalytic investment is an investment in our residents and businesses in all eight wards.”
D.C. inked the $515M deal with Monumental to keep the Washington Capitals and Wizards downtown through 2050 in the spring. It was a shocking reversal from months earlier, when the teams’ owner, Ted Leonsis, announced the teams would move across the river to a new $2B sports and entertainment district in Potomac Yard, Virginia.
The bill outlines the trajectory of the District’s investment. Upon passage by the D.C. Council, $87.5M would be allocated to purchase the arena in addition to another $84.3M for the start of construction. Another $84.3M will then be available upon execution of the agreement. By October 2025, $171.8M will be available, with the final $171.3M available by October 2026.
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