"Alexandria, VA Abandons Plans for Caps and Wizards Arena, Teams to Stay Put"
D.C. Mayor Muriel E. Bowser and Ted Leonsis, owner of the Wizards and Capitals, have announced a deal to keep the teams in downtown D.C. until 2050, with the city spending $515 million to modernize the arena and the owner signing a new lease. This marks a change from Leonsis's previous plan to move the teams to Virginia, which fell through due to lack of legislative support. The deal also includes provisions for Monumental Sports and Entertainment to expand in the city, and comes after months of negotiations and political maneuvering.