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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