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Ted Leonsis

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sports1 year ago

"DC Council Approves $515 Million Modernization Deal for Capital One Arena"

The D.C. Council unanimously approved a $515 million investment to modernize Capital One Arena and develop the surrounding area, aiming to transform the neighborhood into an entertainment district. The agreement with Monumental Sports & Entertainment includes public funds for alley improvements and exemptions from certain taxes, raising concerns about the city's return on investment. The plan also involves creating a drug-free zone around the arena and dedicating police officers for event safety. The council faced protests on unrelated issues during the legislative meeting, and the investment is expected to revitalize downtown and benefit the city as a whole.

via The Washington Post|
#capital-one-arena#dc-council#entertainment-district
sports-and-politics1 year ago

"Monumental Deal Secures Capitals and Wizards in D.C., Sparks Entertainment District Growth"

D.C. Mayor Muriel Bowser played the long game to keep the Washington Wizards and Capitals in the city, despite initial plans to move to Virginia. After a chance encounter with team owner Ted Leonsis, Bowser worked to sweeten D.C.'s offer and bring Leonsis back to the negotiating table. The $515 million deal signed is more comprehensive and favorable to Leonsis, allowing for expansion of Monumental Sports & Entertainment's footprint at neighboring Gallery Place and beefing up security around the arena. The rekindled negotiations and a real estate proposal for Gallery Place ultimately helped seal the deal, keeping the teams in D.C. until at least 2050.

via The Washington Post|
#muriel-bowser#negotiations#professional-sports-teams
sports-politics1 year ago

"Va. Sen. Lucas Criticizes Youngkin's Handling of Caps, Wizards Deal"

Virginia state Sen. L. Louise Lucas blames Gov. Glenn Youngkin for the failed deal to move the Washington Capitals and Wizards teams to Virginia's Alexandria area, stating that Youngkin mishandled the process and did not engage with the legislature early on. Monumental Sports CEO Ted Leonsis, who owns the teams, expressed disappointment in the deal's failure, citing political motivations. The teams have since reached a $515 million deal to stay in the District until 2050.

via WTOP|
#glenn-youngkin#sports-politics#ted-leonsis
sports1 year ago

"Capital One Arena Secures Long-Term Deal to Retain Capitals and Wizards Until 2050"

Washington, D.C. has reached a $515 million deal to keep the Washington Capitals and Washington Wizards at Capital One Arena until 2050, following the collapse of negotiations in Virginia. The agreement, which still requires D.C. Council approval, includes renovations to the arena and surrounding area, with an additional $15 million for improvements to the alley connecting Gallery Place to the arena. The deal also involves bringing 17 dedicated officers around the arena and the ability to close off F Street two hours before games. The failed Virginia plan, championed by Governor Glenn Youngkin, faced Democratic opposition in the General Assembly and did not receive approval.

via WTOP|
#capital-one-arena#muriel-bowser#sports
sports1 year ago

"Washington D.C. Secures Deal to Keep Caps and Wizards in the City"

The NBA's Washington Wizards and NHL's Washington Capitals have reached a $515 million agreement with the District of Columbia to stay in the city through 2050, including an expansion of the arena complex, creation of an entertainment district, and safety and transportation upgrades. The deal comes after talks for a new arena in Virginia ended, with Virginia officials expressing disappointment and frustration. The agreement is expected to be passed by the District of Columbia's Council next week.

via ESPN|
#arena-project#mayor-muriel-bowser#sports
sports-business1 year ago

"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.

via The Washington Post|
#capital-one-arena#dc-mayor-muriel-e-bowser#sports-business
politics1 year ago

"DC Arena's Fate Hangs in the Balance as Political Drama Unfolds"

State Sen. L. Louise Lucas's opposition to the $1.5 billion public debt for the proposed Wizards and Capitals arena in Virginia has left the project hanging by a thread, dealing a blow to Gov. Glenn Youngkin's economic development plans. Lucas, chairwoman of the Senate Finance and Appropriations Committee, views the project as a risk to the state's finances and a test of the newly ascendant Black lawmakers' leadership. Despite Youngkin's efforts, the arena is not included in the approved budget, and its failure so far reflects a struggle between the governor's office and legislative leaders.

via The Washington Post|
#arena-project#glenn-youngkin#l-louise-lucas
sports1 year ago

"Virginia's Arena Battle: Senate Rejects Wizards, Capitals Plan as Alexandria Bill Advances"

The Virginia state Senate rejected a proposal for a new arena for the Capitals and Wizards, signaling a shift in politicians' attitudes towards publicly funded sports arenas. Despite efforts by the governor, the bill was essentially killed by the head of the Senate Finance and Appropriations Committee, Sen. L. Louise Luca. This move reflects a growing awareness of the lack of public benefit from such projects and may set a precedent for other states to resist similar proposals.

via Deadspin|
#arena-proposal#public-funding#sports
sports1 year ago

"The Die is Cast": Capitals and Wizards Owner Confirms Move to Alexandria Pending Virginia Approval

Ted Leonsis, owner of the Washington Capitals and Washington Wizards, has stated that the decision to move the teams to a new arena in Alexandria, Virginia is final. The move has faced criticism from fans concerned about increased travel times and the teams turning their backs on DC. Leonsis has defended the decision, emphasizing benefits for fans, players, and employees. The proposed arena's location raises concerns about traffic and parking, but Leonsis aims to address these issues. The move is set for 2028 pending approval of a $2.8 billion loan and contributions from Monumental and the city of Alexandria.

via Russian Machine Never Breaks|
#capital-one-arena#new-arena#sports
sports1 year ago

"Monumental Move: Alexandria Arena Plans Spark Controversy and Support"

Ted Leonsis, owner of Monumental Sports and Entertainment, addresses concerns about moving the Washington Wizards and Capitals out of D.C. to Virginia, emphasizing the future benefits for fans, players, and employees. He asserts that the move will lead to a "world-class" entertainment district and aims to build the greatest sports community, focusing on winning championships as part of his legacy.

via NBC4 Washington|
#monumental-sports-and-entertainment#sports#ted-leonsis
sports1 year ago

"Ted Leonsis Defends Virginia Move for Wizards and Capitals Amid Criticism"

Ted Leonsis, owner of the Washington Capitals and Washington Wizards, defends the decision to move the teams to Northern Virginia, emphasizing the need for space and opportunity. He refutes claims that the move would reduce accessibility for fans, citing the proximity to downtown D.C. and transportation options. Leonsis plans to contribute over $400 million to the project and believes the site will pay for itself through lease payments, user fees, and generated taxes. Additionally, he intends to support downtown D.C. by keeping the existing Capital One Arena and relocating the city’s WNBA team, the Washington Mystics, to the arena.

via WTOP|
#arena#sports#ted-leonsis
sports-business2 years ago

Ted Leonsis' $10 Billion Sports Empire: Capitals and Wizards' Move to Virginia Raises Questions

Ted Leonsis, owner of the NBA's Washington Wizards and the NHL's Washington Capitals, is pursuing his vision of creating a $10 billion sports empire centered around Washington, D.C. Leonsis plans to move both teams to Alexandria, Virginia, as part of a $2 billion entertainment complex, while also investing in a new global headquarters for his company. He aims to build the world's most valuable regional sports and entertainment company, with a focus on local teams, venues, and networks. Leonsis is open to acquiring additional teams in the area and sees the potential for a future IPO if the company reaches high revenue run rates and valuation.

via CNBC|
#monumental-sports-and-entertainment#sports-business#sports-empire
sports2 years ago

Ted Leonsis' Move to Virginia Threatens Washington, D.C.'s Revenue and Sports Teams

Ted Leonsis, the billionaire owner of the Washington Wizards and the 2018 Stanley Cup champion Washington Capitals, has announced plans to move his teams out of downtown D.C. to a new development in Potomac Yard, Alexandria. This decision has sparked criticism and accusations of betrayal from the District of Columbia, as Leonsis had previously promised to stay and invest in the city. The move threatens to take professional basketball away from a basketball-loving city and could harm Washington's status as a major sports hub.

via The Washington Post|
#capital-one-arena#potomac-yard#sports
sports2 years ago

Ted Leonsis' Controversial Move: From D.C. to Virginia

Ted Leonsis, the billionaire owner of the Washington Wizards and Washington Capitals, is set to move his sports empire across the river to Alexandria, Virginia, leaving behind the District of Columbia. This decision has sparked disappointment and frustration among D.C. residents, who feel that Leonsis is abandoning the city when it needs his support the most. The move will not only affect the diverse fan base of the Wizards but also raise concerns about traffic and safety for those traveling from Maryland suburbs to the new location. The departure of the teams highlights the ongoing struggle between sports team owners prioritizing financial gain over loyalty to the community.

via The Athletic|
#district-of-columbia#sports#ted-leonsis
sports2 years ago

"Ted Leonsis' Proposed Move of D.C. Teams Sparks Controversy and Protests"

Ted Leonsis, owner of the Washington Wizards and Capitals, has unveiled a plan to move the teams to Virginia by 2028. The proposed relocation aims to create a "world class entertainment district" in Alexandria through a public-private partnership. The move is pending legislative approval and finalized documents. Leonsis emphasized his intentions to keep Capital One Arena in D.C. a great place while also updating it to host up to 20,000 people. In the potential absence of the Wizards and Capitals, Monumental plans to make Capital One Arena the permanent home for the Washington Mystics of the WNBA.

via Yahoo Sports|
#arena-relocation#sports#ted-leonsis