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Notes: New Caps and Wizards deal would keep teams in D.C. until 2050

Good Thursday morning, Alexandria!

🌧️ Today’s weather: Rain is probable before noon with patchy fog clearing by 10am, followed by cloudy skies and a high of around 53°F. Expect north winds of 7-14 mph, gusting up to 21 mph, and a 60% chance of precipitation, potentially accumulating between a tenth and a quarter of an inch. Gradual clearing will occur during Thursday night, with lows around 38°F and northwest winds of 9-14 mph, gusting up to 21 mph.

🚨 You need to know

Ted Leonsis, president of Monumental Sports, announces the development of a new arena for the Washington Wizards and Capitals in Potomac Yard in Alexandria, Dec. 13, 2023 (staff photo by James Cullum)

As a coda to the Potomac Yard arena saga — a deal that officially died yesterday — Washington D.C. Mayor Muriel Bowser announced yesterday that a new deal would keep the Washington Wizards and Washington Capitals in downtown D.C. until 2050.

Under the new arrangement, D.C. would spend $515 million to help modernize the arena in exchange for a new 25-year lease. Even after publicly spurning D.C. with the Alexandria move, Leonsis still got a host of provisions from D.C., including an expansion into the Gallery Place retail center, management of the Mystics home arena in Southeast D.C., and parking at city-owned buildings for Monumental employees.

That deal is still pending approval by the D.C. Council, lest anyone jump the gun again on saying the new arrangement is set in stone.

That deal also comes just days after D.C. Attorney General Brian Schwalb said the Potomac Yard move would breach Monumental Sports and Entertainment’s legal obligations from their 2007 public bond financing. A spokesperson from Monumental told ALXnow they “fundamentally disagree with the Attorney General’s opinions,” but it’s a moot point now.

📈 Wednesday’s most read

The following are the most-read ALXnow articles for Mar 27, 2024.

  1. BREAKING: Alexandria ends negotiations for Potomac Yard arena (8830 views)
  2. Alexandria to declare local holiday for boring machine (2720 views)

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Here is what’s going on today in Alexandria, from our event calendar.

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