Wizards, Capitals owner Leonsis preparing to move teams to Virginia

Ted Leonsis, owner of the Washington Wizards and Washington Capitals, announced Wednesday his plans to move both of his franchises to a proposed new arena complex in Northern Virginia.

Leonsis said he "reached a framework of an agreement" for a new entertainment district in Alexandria at Potomac Yard, which would become the Wizards and Capitals' home arena beginning in 2028. The $2-billion proposal is still pending legislative approval, as well as the completion of definitive documents.

The Wizards and Capitals have played at Capital One Arena in Washington, D.C., since 1997. Potomac Yard is around six miles away from Capital One Arena.

"We are committed to providing world-class fan experiences while continuously evolving our teams, deepening community ties, and solidifying our role as leaders at the forefront of sports and technology," Leonsis wrote in a statement.

"The opportunity to expand to this 70-acre site in Virginia ... would enable us to further our creativity and achieve next-generation, leading work, all while keeping our fans and the community at the forefront of everything we do."

Leonsis and Virginia Gov. Glenn Youngkin unveiled the plan at a press conference Wednesday in Alexandria. Virginia lawmakers voted Monday to approve the project to construct a new arena, according to the Washington Post.

"Virginia will not only be the best place to watch hockey, to watch basketball, but it will be the best place to innovate and press the envelope in what we can do together," Youngkin said.

Washington, D.C. Mayor Muriel Bowser announced legislation on Tuesday that would "support a complete renovation and modernization of the Capital One Arena," according to Michael Brice-Saddler of the Washington Post. The legislation includes providing $500 million of the $800 million required for renovations over three years beginning in 2024, and it has the backing of city council.

"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, D.C.," said Bowser.

In his statement Wednesday, Leonsis also mentioned a "potential opportunity" to update Capital One Arena to be the future home of the WNBA's Washington Mystics.