Ted Leonsis, CEO of Monumental Sports & Entertainment, announced Monday that his company has partnered with DC Mayor Muriel Bowser on new legislation supporting a “public-private partnership to transform Capital One Arena.”
The legislation will, among other things, finalize the $515 million deal Leonsis signed with the city last March to keep the Washington Capitals and Washington Wizards at Capital One Arena through 2050. Leonsis previously attempted to move the Washington Capitals and Washington Wizards to Northern Virginia, but the Virginia state government swiftly ended those plans.
Leonsis shared details of the new plans in a video posted to MSE’s social media accounts on Monday morning.
Leonsis mentions the major parts of Cap One receiving an overhaul include all of the arena’s entrances, the main concourse level, concession spaces, food and beverage experiences, the locker rooms for the Capitals and Wizards, training rooms, a player’s lounge, and a family lounge. MSE provided renderings and a full explainer of the plans.
The arena’s refresh is expected to be completed for the 2027-28 season. Construction is expected to begin as soon as possible.
Leonsis also briefly touched on plans to help update the businesses surrounding the arena which he has been open about in prior discussions. Since the beginning of 2024, he has been a part of several task forces and helped establish action plans to ensure the long-term success of the Gallery Place/Chinatown neighborhood.
Leonsis followed up the video with his own statement, released on his personal accounts.
Today, @MSE reached an agreement with DC Mayor @MurielBowser and the city of DC on all key aspects of a plan to transform @CapitalOneArena.
Our nation’s capital deserves a premier arena, and today’s announcement moves us a giant step closer to providing one for the entire region. Our vision for a wholly re-imagined sports and entertainment destination will be ambitious, reflective of our community, and designed to ‘wow’ our most ardent supporters as well as casual fans.
We’ve rooted our plan in three goals: creating the best experience for the greatest fans in the world, building the finest destination for elite athletes and their families, and constructing the focal point of commercial economic success in Downtown DC.
This arena transformation marks the next significant investment Monumental Sports is making in the revitalization of Downtown DC, and continues our efforts to invest in neighborhoods, companies, technologies, medical facilities, and people that help make DC the greatest city on earth.
Thank you to Mayor Bowser and her staff for their excellent partnership throughout this process. This team effort has led to a wonderful day in DC and for our fans throughout the DMV!
To our fans – the heartbeat of our teams – the new arena and Downtown DC are designed with you in mind. We want you to be proud of what we’ve built and create lasting memories with us for decades to come.
As part of Monday’s announced deal, Monumental would sell Capital One Arena to the city of DC for $87.5 million. The arena would then be leased back to MSE for around $2 million a year through 2045. Leonsis and MSE gained full ownership of the building in 2010 after Abe Pollin, former owner of the Capitals and Wizards, passed away and his interests were put on the market.
In conjunction with the initial deal in March, the total project comes to around $800 million in renovations. DC is investing its $515 million over the next three years, while Monumental will contribute at least $285 million plus the $87.5 million in arena sale proceeds.
Monday’s legislation still needs approval from the DC Council. The “final step” of the process will include voting on the lease, development and financing agreement, and purchase and sale of the arena between MSE and the city. There is no set date other than “this fall” provided for when the voting will occur.
Digital renderings
