Are the Wizards and Capitals leaving DC for Virginia's Potomac Yard?
WASHINGTON - Could the Wizards and the Capitals be leaving Washington, D.C.?
It's a real possibility, FOX 5 has confirmed.
The Washington Post was the first to report that Monumental Sports, which owns Capital One Arena, is looking to potentially leave D.C. and head over to the Potomac Yard neighborhood of Alexandria.
Monumental Sports had previously asked the District for $600 million to help them revamp Capital One Arena, but with no funds being allocated to the fixes — sources have confirmed with FOX 5 that Virginia lawmakers held a meeting Monday afternoon to discuss the potential move.
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Caps and Wizards have preliminary talks about new arena in Virginia
The owners of D.C.’s beloved sports teams, the Wizards and the Caps, have had preliminary discussions about moving their operations out of D.C. and into Virginia, according to The Washington Post.
Virginia Senate Majority Leader Dick Saslow told FOX 5 via phone: "We voted affirmatively to approve the potter of the project."
"This means it is moving ahead, but it still has to go through a whole legislative process," he said. "Final details still need to be worked out."
WASHINGTON, DC - OCTOBER 12: Fans line up outside the arena before the opening night game between the Washington Capitals and the Boston Bruins at Capital One Arena on October 12, 2022 in Washington, DC. (Photo by Scott Taetsch/Getty Images)
Potomac Yard is accessible to many parts of the DMV, and in May, WMATA opened a new metro station along the Blue and Yellow Lines.
Virginia Tech is also constructing its Innovation Campus in the area and is set to open its first academic building in 2024.
A Monumental Sports & Entertainment spokesperson sent FOX 5 a statement Monday saying the company is "committed to delivering the best fan experience, winning championships, giving back to our communities, and becoming the most valuable regional sports and entertainment enterprise in the world so that we can continue to reinvest in our fans and community. Our commitment to the DMV is unwavering, and we look forward to sharing plans for future investments."
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Back in June, the Post reported that the owners of D.C.’s beloved sports teams had preliminary discussions about moving their operations out of D.C. and into Virginia.
At the time, Monumental Sports said it planned to invest further in Capital One Arena.
"We are celebrating the 25th anniversary of the arena this year and will continue to invest to build a best-in-class operation for the next 25 years. In the coming year, we plan to invest an additional $80+ million in building out new office space ... state-of-the-art broadcast studios ... and upgrading the arena's infrastructure," a spokesperson for the company said.
Mayor Muriel Bowser's Office also provided a statement to FOX 5 saying, "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."
Bowser was spotted Tuesday leaving the Capital One Arena. There was no meeting listed here on the mayor’s schedule, and FOX 5’s still waiting to hear from her office and Monumental Sports regarding her visit.
Doug Eldrige, a sports agent and analyst, tells FOX 5 D.C.'s crime problem and the costs of the aging building could make a brand new Virginia arena more attractive. But small businesses close to the arena are keeping a close eye on the developments.
"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," said Eldridge.
Dos Toros, a Mexican restaurant, just opened last week to brisk business 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.
This is a developing story. Check back with FOX 5 for updates.