NBA
Are the Washington Wizards moving to Virginia? When could it happen?
Leonsis and city officials in Washington had been discussing the possible contributions to arena renovations. Leonsis had requested $600 million.
Theodore John Leonsis is an accomplished American businessman and investor. He previously served as a senior executive in America Online. He is now the founder, chairman, and CEO of Monumental Sports & Entertainment, which owns the Washington Wizards, Washington Capitals, and Washington Mystics.
Leonsis took over as the majority owner of the Washington Wizards in June 2010, when the team had a record of 26 wins and 56 losses from the previous season. He is known for his fan-centric approach to running the franchise by listening and responding to the concerns of Wizards supporters through his email and personal website.
Not afraid to change
Under Leonsis’ leadership, the team rebranded in May 2011, including a new color scheme, uniforms, and logo. The team returned to their traditional red, white, and blue colors, and the uniforms were inspired by those worn during the team’s glory years from 1974 to 1987.
During Leonsis’ tenure, the Wizards have acquired a promising young lineup of players, including John Wall, Bradley Beal, and Otto Porter Jr., as well as experienced veterans such as Nenê, Paul Pierce, and Marcin Gortat. Leonsis also chaired the NBA’s 2014 media committee, which negotiated a nine-year expanded partnership with Turner Broadcasting and The Walt Disney Company., which will end and be renegotiated this year.
The Wizards began constructing a new practice facility in February 2016, funded by D.C. taxpayers and District-funded Events DC, with Leonsis making a ceremonial contribution to the $55 million cost. However, the team announced that they would raise ticket prices for a third consecutive year.
Capital One Arena dispute with D.C. government
In 2023, The Washington Post reported that Leonsis requested $600 million in public funding from the District of Columbia for a significant renovation of Capital One Arena.
D.C., Mayor Muriel Bowser announced a new bill offering Monumental Sports $500 million in financing for “a complete renovation and modernization” of Capital One Arena.
“This proposal represents our best and final offer and is the next step in partnering with Monumental Sports to breathe new life and vibrancy into the neighborhood and to keep the Washington Wizards and the Washington Capitals where they belong -- in Washington, DC,” Bowser said.
Leonsis could exit the Capital One Arena lease in 2027.
In the meantime, the owner of the Wizards has announced that his company is planning to move its NBA and NHL franchises to a proposed new arena complex and entertainment district in northern Virginia. According to sources, this plan will be unveiled at a news conference with Virginia Gov. Glenn Youngkin, scheduled for Wednesday morning in Alexandria. As per the plan, the two teams would move to a massive new development in Alexandria’s Potomac Yard neighborhood.
On Monday, Virginia state lawmakers voted to approve the arena project in northern Virginia. A final vote of the state’s entire general assembly is required to pass the project. If approved, it would create an 8,000,000-square-foot campus site in Alexandria.
Virginia’s T.V. media reported that the teams could break ground by 2025 and begin playing in the proposed new arena complex by 2028.
The Wizards and the Capitals have been playing in Capital One Arena in downtown Washington, D.C., since 1997. They will continue to do so until the proposed new arena complex is constructed in the coming years.