Are the Capitals and Wizards moving to VA? Youngkin set to announce ‘remarkable’ economic project amid rumors

Virginia Gov. Youngkin expected to announce project to move Wizards, Capitals to Alexandria

Virginia Governor Glenn Youngkin is expected to deliver a major announcement Wednesday morning alongside Monumental Sports & Entertainment CEO Ted Leonsis. Multiple sources confirm with FOX 5 that the plan is to reveal a project to relocate the Washington Wizards and the Capitals to Alexandria.

WASHINGTON - Will they stay, or will they go? Answers about the future of the Washington Capitals and the Washington Wizards could come Wednesday morning with Ted Leonsis, owner and CEO of Monumental Sports, set to make an appearance with Virginia Gov. Glenn Youngkin.

The governor’s office sent out a notice saying he would be announcing a "remarkable economic development project for the Commonwealth," at 9 a.m.

Monumental Sports, which owns the NBA and NHL teams, is in talks to build a new arena in Alexandria, possibly leaving the District behind.

FOX 5 spotted DC Mayor Muriel Bowser leaving the Capital One Arena around 1 p.m. Tuesday.

There was no meeting listed on the mayor’s schedule and FOX 5 is still waiting to hear from her office and Monumental Sports about why she was leaving the arena, but the possibility of the Wizards and Capitals leaving Capital One has people talking.

"If they take it away, I imagine businesses that are already struggling might have to close down," one resident told FOX 5.

The new arena would be built in Alexandria’s Potomac Yard community. After a Virginia economic panel approved the site, the news about the possible move brought mixed reactions from the residents of D.C.’s Chinatown, where the Capital One arena currently sits.

Some tell FOX 5 the teams' departure would be devastating economically, while others say they wouldn’t miss them.

"I feel like it could definitely survive with all of this gentrification and I’ve been to the arena a couple of times and a lot of the seats aren’t sold out or packed," said another.

Sports agent and analyst Doug Eldrige tells FOX 5 that D.C.’s crime problem and the costs of the aging building could make a brand-new arena more attractive.

Monumental Sports considers moving Wizards, Capitals to Virginia

Will they stay, or will they go? FOX 5 has learned that Ted Leonsis, owner and CEO of Monumental Sports, is set to have a meeting with Virginia Gov. Glenn Youngkin at 9 a.m. Wednesday that could spell out the future of the Washington Capitals and the Wizards.

"Look, the reality is, if you’re bringing a family of four and you have to walk through a high-crime area to get there, assuming how you get there in the first place and the tickets are incredibly expensive, let alone the popcorn and the soda," Eldrige said.

But small businesses close to the arena are keeping a close eye on the developments.

Dos Toros, a Mexican restaurant that just opened last week, relies on business generated by Capital One Arena fans.

"Oh yes, we get a lot of business here and we prepare our calendars based on the events that they have at the arena just to look for how much to prep for the day as well," said Myra DeCastro with Dos Toros Taqueria.

This isn't the first time Alexandria has been mentioned as a new home for a D.C. sports team.

In the early 90s, Jack Kent Cook explored moving his football team to Potomac Yards but faced opposition and chose Landover, Maryland as the home of Washington’s NFL team instead.

Any plan for a Virginia arena would have to be approved by the General Assembly and Alexandria City Council.

"I think it would cause people to really view how the arena has impacted the community and how it would impact Virginia,"