Wizards, Capitals reveal plans for new arena in Virginia suburbs

Capital One Arena wouldn't go unused, however. The venue, which was opened in 1997 when the teams were owned by the late Abe Pollin, would be renovated to host the Washington Mystics, the sister WNBA franchise that was also owned by Pollin and now Leonsis. It would also host more college sports events and continue to act as a concert destination for the city.

It may seem perplexing that Leonsis is willing to move the Capitals and Wizards from an arena that's not even 30 years old, but as the adage always goes, you have to follow the money. As mentioned by The Athletic's David Aldridge, Leonsis had been angling for the city of Washington DC to provide the majority of funding for a complete revamp of the arena:

"Yet Leonsis has also reportedly previously said he’d stay in D.C. and at Capital One if the city provided him with $600 million toward a proposed $800 million renovation of the building. (Monumental would reportedly fund $200 million toward the project.) The city, through (DC mayor Muriel) Bowser, has indicated that negotiations with Leonsis on the proposed renovation deal are ongoing. Leonsis has also spent millions of dollars to construct brand new studio spaces with state-of-the-art cameras and production facilities in the building next door to Capital One for his Monumental Sports and Entertainment company."

Leonsis will have a press conference with Virginia governor Glenn Youngkin just days after several members of the state legislature approved a proposal for the development, which will include new studios for the regional sports channel that broadcasts games for the Monumental teams, a new Wizards practice facility and more. The full legislature needs to approve the project, and it's safe to assume that there will be significant taxpayer dollars used to fund it.

Capital One Arena, which was originally known as the MCI Center, then the Verizon Center in the 2000s, was considered the centerpiece for a revival of downtown Washington DC. It also appeared to be the long-term home both franchises had been seeking for years as neither is a stranger to relocation in the region. 

Pollin bought the then-Baltimore Bullets in 1964 and moved them closer to Capital Centre in the DC suburb of Landover, Maryland nearly a decade later. Pollin also bought the rights to have the NHL expansion team that became the Capitals, who began play in 1974, a year after the Capital Centre opened. Both teams played there until the MCI Center opened in 1997.