All articles tagged with #arena deal
Tom Dundon, the buyer of the Portland Trail Blazers, built his fortune through subprime auto loans and predatory lending practices, which have led to legal investigations and concerns about his suitability as an NBA owner, especially given his controversial financial history and its potential impact on public funding for a new arena in Portland.
The collapse of a deal to relocate the Washington Wizards and Capitals to a taxpayer-backed arena in Virginia has led to bitter recriminations and allegations of impropriety among Virginia officials and companies involved in the deal. The deal, a top priority for Governor Glenn Youngkin, fell apart due to political infighting and opposition in the General Assembly, sparking fears about the state's future economic development prospects. The failed negotiations have prompted blame and accusations from various parties involved, with the majority owner of the teams, Ted Leonsis, ultimately reemerging in Washington, where a more favorable arena deal was offered.
The City of Alexandria has announced that negotiations to bring the Washington Capitals and Wizards to Northern Virginia have ended, and the proposed $2 billion sports and entertainment complex in Potomac Yard will not move forward. The deal faced opposition in the Virginia General Assembly, ultimately leading to its demise. Governor Glenn Youngkin expressed disappointment, while state senators cited issues with the lack of compromise. Meanwhile, D.C. Mayor Muriel Bowser and Monumental Sports are expected to finalize a deal to keep the Capitals and Wizards in D.C.
Virginia House leaders dispute Governor Glenn Youngkin's claim that an independent consultant they hired gave a clean bill of health to his proposal to lure two Washington sports teams to Alexandria, stating that his remarks were inaccurate and overstated. The proposal, aimed at landing the NHL’s Washington Capitals and NBA’s Washington Wizards, envisions a $2 billion mixed-use development featuring a new arena. The back-and-forth over the outside review comes amid ongoing budget talks, with Youngkin demanding changes and hoping to reach compromise revisions when the Legislature reconvenes in April. The deal has faced pushback from various parties, and the governor's public campaign has been criticized as divisive.
Tempe voters rejected the Arizona Coyotes' proposed $2.1 billion development, which included a new arena and related entertainment and residential project. The three ballot items needed to receive a majority of "yes" votes, but each one was losing by a 56% to 44% margin, with the exception of one, which was losing 57% to 43%. The Coyotes conceded defeat, and the future of the NHL team is now uncertain. The project site is the "last bulk" of land that Tempe has left to develop, so the city had to make it count.