Owner plans to move NHL's Capitals, NBA's Wizards to Virginia in 2028

Dec. 13 (UPI) -- Ted Leonsis, the majority owner of the NBA's Washington Wizards and NHL's Washington Capitals, plans to move the franchises from Washington, D.C., to Virginia by 2028, he announced Wednesday.

The CEO of Monumental Sports & Entertainment said in a news release that the company reached a "framework of an agreement for a public-private partnership" to build an entertainment district in Alexandria, Va., at Potomac Yard.

"We are committed to providing world-class fan experiences while continuously evolving our teams, deepening community ties and solidifying our role as leaders at the forefront of sports and technology," Leonsis said.

"The opportunity to expand to this 70-acre site in Virginia, neighboring industry-leading innovators, and a great academic partner, would enable us to further our creativity and achieve next-generation, leading work -- all while keeping our fans and the community at the forefront of everything we do."

The proposed $2 billion, 9 million square-foot campus would include Monumental Sports & Entertainment's headquarters, an arena for both franchises, a media studio, a Wizards practice facility, a performing arts venue, an Esports facility, retail, restaurants and more.

The Capitals' practice facility is in Arlington, Va. Monumental said Capital One Arena, home of the Wizards and Capitals in Washington, could potentially be updated to be the future home of the WNBA's Washington Mystics.

The Mystics, also owned by Leonsis, currently play at the Entertainment and Sports Arena in southeast Washington.

Virginia Gov. Glenn Youngkin and several other officials also spoke alongside Leonsis about the planned move at a news conference Wednesday in Alexandria.

Wednesday's announcement came a day after Washington Mayor Muriel Bowser introduced legislation for $500 million in financing as part of an $800 million project to renovate Capital One Arena -- an effort made to keep the teams in their current home.

"This proposal represents our best and final offer and is the next step in partnering with Monumental Sports to breathe new life and vibrancy into the neighborhood and to keep the Washington Wizards and the Washington Capitals where they belong -- in Washington, D.C.," Bowser said in a news release.

Virginia officials said they are still working on additional plans for transportation related to their project. The relocation also must be approved by the state's General Assembly and Alexandria City Council.

Leonsis took control of the Capitals and Capital One Arena in 1999. He acquired the Mystics in 2005 and Wizards in 2010.