The Capitals and Wizards will stay put in their Chinatown building through 2050 under a tentative deal with the District that extends the teams' leases, according to multiple reports Wednesday.
The Capitals and Wizards will stay in their Chinatown building through 2050 under a tentative deal with the District that extends the teams’ leases, according to multiple reports Wednesday.
Earlier in the day, Alexandria officials announced that the city’s proposed $2 billion arena project was dead.Democrats in the Virginia General Assembly had put the proposal on life support by ignoring Gov. Glenn Youngkin’s funding requests. The Republican had negotiated his own deal with Mr. Leonsis.
The arena plan, which the governor and Mr. Leonsis announced with great fanfare in December, set off surprisingly robust blowback from legislators in Richmond and residents in Alexandria. Plans for the arena called for $1.5 billion in funding from public bonds, with Mr. Leonsis’ Monumental Sports & Entertainment contributing $400 million to the project. Public funding was dependent on an agreement from state lawmakers to establish a stadium authority to issue the bonds and oversee the arena.
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