By D. Kevin McNeir,
Special to the AFRO
A deal was negotiated by Ted Leonis, billionaire owner of the Washington Wizards and Capitals, with D.C. Mayor Muriel E. Bowser that will keep the teams in the city until 2050, upon approval by the D.C. Council.
Over several months, Leonis openly discussed taking his teams to Virginia, but recently had a change of heart aftering meeting with the mayor. They brokered a deal that ended any further speculation about the franchises moving to a new city.
Bowser, speaking at a press conference on March 27, said she heard the cries of the citizens hoping to keep the teams in the nation’s capital.
“What I learned loud and clear in the last three-and-a-half-months is that our residents and businesses feel the way I do about what a world-class city should have,” she said. “We believe that a world-class city has its sports teams and the investment that we’re making we know will pay off. This deal is a win-win-win on all accounts.”
The new agreement allows Leonis to modernize Capital One Arena with the financial support of the District – a project estimated to cost $515 million over three years. Legislation enacted by the D.C. Council will allow for funding through an appropriation for capital construction projects funded by general obligation bonds.
Leonis said in a press statement that the overall negotiating process was difficult, yet he was pleased with the outcome.
“I want people to understand how much I love Washington D.C.,” he said. “Mayor Bowser and her team heard us and worked with us and gave us the tools for us to meet the needs of our business to expand right here in downtown…We got to this place because we kept an honest dialogue with the mayor and her staff and we both took the high road as we didn’t know how things would end.
“This is more than an investment from the city – it’s a true partnership demonstrated by all of these investments which the city has committed to for our fans to have an exceptional gameday experience.”
Leonsis has invested over $200 million in renovations and upgrades during 14 seasons at the arena.
Monumental Sports and Entertainment COO Jim Van Slone said in an interview with the AFRO that the new contract will help enhance the fan experience, provide needed building improvements and include additional office space.
“We have had an incredible time in Capital One Arena over the past 27 years with the Caps and the Wizards, most recently bringing the ACC basketball tournament here and witnessing the Caps win the Stanley Cup,” Van Slone said. “Now, we’re hyper-focused on improving the fan experience and fan engagement. We’re committed to putting the best product possible on the court and ice and transforming the fan experience on a nightly basis. We want people to arrive earlier and stay well after the game has ended for a full evening’s experience.”
Van Sloan said he considers their organization “the engine” driving downtown business.
“We view ourselves more accurately as the engine that will revitalize the downtown area in which we’re located,” he said. “We currently bring some three million people to the arena each year. Moving forward we plan to support more festivals in partnership with businesses on F Street, among other locations, in efforts to reclaim this as an entertainment district in partnership with the city. We think we’ll be the engine that moves future development and opportunities.”
D.C. Council Chairman Phil Mendelson, in a statement, said he is excited about what the future holds.
“Monumental Sports has been a great partner with the District since acquiring the arena nearly 14 years ago,” he said. “We’re ecstatic to keep them as a cornerstone of our downtown.”
