The Washington Post dropped a report on Monday that Virginia lawmakers from the state’s MEI Project Approval Commission would be meeting to look over and potentially approve a plan that would try to lure the Washington Capitals and Washington Wizards out of DC to Northern Virginia.
That meeting occurred on Monday and the Post has now added that the proposal has been approved. Additionally, 7News came out with their own article where a source close to the proceedings revealed that Monumental Sports & Entertainment, Ted Leonsis’ parent organization that owns both clubs, has been part of the process, coming up with details in the proposal the entire time.
The next steps for anything concrete to move forward will come down to the state’s full General Assembly and the Alexandria City Council.
According to the report, the “Yea” vote approves a sports district in Alexandria’s Potomac Yard neighborhood that would include a new arena that both teams would use, an additional 3,000-seat music and entertainment venue, a conference center, hotels, and the headquarters for MSE. It’s being called a “massive mixed-use development.”
All of this news comes after there have not been any recent updates on MSE’s desire to receive up to $600 million in city funding from DC to renovate Capital One Arena. Leonsis has long been critical of his current agreement with Cap One, calling “the worst building deal in professional sports” back in 2016 due to high, annual mortgage payments.
DC Mayor Muriel Bowser’s office shared the following statement when asked by 7News to comment on Monday’s developments.
Mayor Bowser and Chairman Mendelson have worked together closely, and in lockstep, to put forward a strong proposal to Monumental Sports, and after several months of negotiations, we are committed to seeing this through as a vital component of D.C.’s comeback.
Should MSE decide to relocate, they would need to pay off the $35 million bond on their ground lease. Per the Post, the lease currently runs until 2047, but would revert to a 2027 end date if the bond is paid off. MSE would also then need to dump hundreds of millions of its own dollars into the relocation project.
Headline photo: Cara Bahniuk/RMNB
