WASHINGTON, DC – FEBRUARY 11: A police vehicle sits outside of Capital One Arena in Washington, DC on February 11, 2024. (Photo by Craig Hudson for The Washington Post via Getty Images)
D.C. Mayor Muriel Bowser has proposed legislation to buy Capital One Arena in Downtown D.C. for $87.5 million.
The $87.5 million is part of a $515 million deal, which would all be put toward upgrades and improvements to the arena, according to the proposed legislation and sources familiar with the negotiations.
In the proposal, the arena would be leased back to Monumental Sports and Entertainment, which owns the Washington Capitals and Washington Wizards, for $1.3 to $2.5 million a year through 2050.
The arena would also be exempt from taxes, according to the proposed legislation.
The fate of the arena had been up in the air for months during negotiations to build a $2 billion sports and entertainment complex that would house the Capitals and the Wizards.
Alexandria officials then announced in March that they would be ending negotiations, and D.C. and Monumental Owner Ted Leonsis reached a deal to keep the teams in the Distict.
