D.C. Mayor Muriel E. Bowser has announced a significant proposal to acquire Capital One Arena for $87.5 million, paving the way for extensive $515 million renovations as part of a strategic agreement with Monumental Sports & Entertainment.
The council's approval comes after discussions between Bowser and Monumental Sports CEO Ted Leonsis, who had threats to relocate the Wizards and Capitals, indicating a crucial deal was necessary to retain the teams.
Under the new terms, D.C. would buy the arena, while Monumental Sports would continue to lease it, increasing their annual payments to between $1.5 million and $2.3 million, ensuring a lasting relationship up to 2050.
Leonsis emphasized that this agreement not only secures the future of the teams but also brings in significant private investment toward the renovations, with Monumental planning to invest $285 million on top of the city's contribution.
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