D.C. Mayor Proposes $87.5 Million Purchase of Capital One Arena, $800 Million Renovation

Oct 21, 2024, 01:08 PM

D.C. Mayor Muriel Bowser has proposed legislation to purchase Capital One Arena for $87.5 million. The plan includes leasing the arena back to Monumental Sports & Entertainment (MSE), owned by Ted Leonsis, for $1.3 to $2.5 million annually through 2050. The proposal, part of a larger $515 million renovation plan, aims to transform the arena by the 2027-28 season. The total cost of the transformation is estimated at $800 million. The new ownership and renovation plan is expected to keep the Washington Wizards and Capitals in D.C. for the long term. The proposed bill is 272 pages long and a major announcement is expected on Monday about the ownership of the arena in D.C.'s Chinatown neighborhood.