D.C. hopes to enforce lease keeping Wizards, Capitals in the District through 2047

D.C. Mayor Muriel Bowser plans to enforce a contract that would keep the Washington Wizards and Capitals at Capital One Arena through 2047. The mayor published an op-ed in the Washington Post on Friday saying the city has offered $500 million to renovate the existing arena.

Ted Leonsis is the CEO of Monumental Sports and Entertainment, which owns the two teams. In December, he announced plans to build a new arena for the franchises in the Potomac Yard area of Alexandria. Bills to help finance the project using public bonds are moving through Virginia’s legislature. 

Bowser said the city has offered Monumental Sports $500 million for a complete renovation of the arena and the surrounding area. The proposal would “better connect the arena to the surrounding neighborhood and businesses and bring the fan experience closer to the court.” 

In 2007, D.C. officials gave the owners of Capital One Arena $50 million for renovations and upgrades. The agreement extended the lease for the Wizards and Capitals, keeping them in the District for an additional 20 years. 

“We intend to keep our end of the bargain and enforce the leases with Monumental that require the Wizards and Capitals to play at the arena through 2047 and the Mystics to play in Congress Heights through 2037,” Bowser wrote. “If Monumental goes ahead and breaks its leases, the short-term impact will be tough, not only on the neighborhood, but on our entire city. But let me be clear: The city owns the land under the Capital One Arena and will own the building should Monumental break its lease.”

Monumental Sports says they can get out of the lease as soon as 2027, based on the language of their contract. The new arena in Potomac Yard could be built as soon as 2028. 

“We’ve been clear with Mayor Bowser that we will honor agreements to play at the arenas,” Monumental wrote on X. “Caps & Wiz have the right to pay off the bond in 2027 & end the COA lease early — [Monumental Sports] plans to exercise that right. And the Mystics will play at ESA through 2037 (unless [the] city agrees otherwise).”