Wizards Commit To D.C. With $800M Capital One Arena Renovation
12/20/2024 03:34 PM
Capital One Arena, home of the Washington Wizards and Washington Wizards, will undergo an $800 million renovation to keep the teams in the building through their 49-50 seasons. The project is supposed to take place primarily over the next three summers, with an idealized end date of summer 2028 before the Wizards' and Capitals' 2027-28 seasons.
The announcement comes just over a year since Ted Leonsis and Virginia Governor Glenn Youngkin announced plans to build an arena in Alexandria, Virginia. Wizards' parent company, Monumental, is pledging $285 million toward the arena renovation. Washington D.C. will pay $515 million.
"I'd say, from a league standpoint, this is the ideal public-private partnership," Silver said. "This is nearly a billion-dollar investment, for their benefit and the community's benefit. I think these are the modern-day town halls, these arenas. What's happening now in these entertainment palaces, they are full, seemingly, every night of the year ... this will easily put you in the top tier (of busiest NBA arenas) when this renovation is completed."
