WASHINGTON — After months of negotiations to keep the Washington Wizards and Capitals in DC, Mayor Muriel Bowser is seeking millions of dollars to buy and own Capital One Arena. The proposal was filed by DC Council Chairman Phil Mendelson.
In a legislative proposal introduced Friday, Mayor Bowser asked for $87.5 million to buy Capital One Arena, located on F Street in Chinatown.
The proposal would call for the District to lease Capital One Arena back to Monumental Sports and Entertainment through 2050 with the option of 5 four-year renewals after that.
The rent schedule outlined in the proposal includes, a pro-rated initial payment plus, yearly payments between $1.5 million and $2.3 million per year over the term of the lease, with higher yearly amounts during the renewal period.
The proposal comes after months of negotiations to keep the Washington Wizards and Capitals in DC until 2050. As part of those negotiations, the DC council approved $500 million in District Money to pay for renovations to Capital One Arena.
In December, Monumental Sports & Entertainment CEO Ted Leonsis, tried to take the teams to Alexandria but, negotiations for a $2 billion sports complex fell through by March.
"Well, listen, I believe that when things are right. And we do things for the right reasons. The right thing will happen." Mayor Bowser, said.
On Friday, WUSA9 asked Mayor Bowser about the state of DC sports teams and getting a football stadium for the Commanders back to the district.
She told WUSA9 she’s not done fighting for the home teams
“I never give up, as you know, we're just a few blocks from the capital one arena as well. Uh We're gonna have some exciting news uh there in the next several years with the total renovation of, of that sports arena. Uh But the lesson I learned uh in fighting for the Wizards and the Capitals is never give up." Bowser, said.
WUSA9 has reached out to the mayor's office for comment. We're expected to receive more information on Monday.
The proposal will head to The Committee Of The Whole and The Committee of Business and Economic Development to be reviewed next Tuesday, October 29th.