Washington Wizards and Capitals owner Monumental unveils plans for new arena in Virginia – SportsPro

• MSE reveals plans for new entertainment district in Alexandria at Potomac Yard
• Project still requires legislative approval
• WNBA’s Washington Mystics to stay at Capital One Arena

The Washington Wizards and the Washington Capitals look set to be on the move after their owner Monumental Sports & Entertainment (MSE) reached a framework agreement to build a new arena in Virginia.

MSE has struck a nonbinding pact for a public-private partnership to create an entertainment district in Alexandria at Potomac Yard, about six miles from the Wizards and the Capitals’ current Capital One Arena home. The project, which is pending legislative approval and completion of definitive documents, is scheduled to be completed by the end of 2028.

MSE believes the entertainment district, which would feature a new arena for its National Basketball Association (NBA) and National Hockey League (NHL) franchises, will support economic growth throughout the DC, Maryland and Virginia region. The entertainment district would also include a new global headquarters for MSE, a Monumental Sports Network (MSN) media studio, the Wizards practice facility, a performing arts venue, and an expanded esports facility. New retail, restaurants, conference, and community gathering spaces would also be part of the build.

MSE already has a presence in Northern Virginia, where the Capitals have their practice facility and where the company manages EagleBank Arena on the George Mason University campus. 

Confirmed parties in the public-private partnership are the Commonwealth of Virginia, the City of Alexandria and JBG Smith, in addition to MSE.

If the project gets the go-ahead, the Women’s National Basketball Association’s (WNBA) Washington Mystics, also owned by MSE, would stay at Capital One Area, enabling tailored gameday experiences and the chance for the team to further grow its fanbase in the area.

MSE also wants to upgrade Capital One Arena to serve as a ‘unique, flexible’ venue that continues to host music, comedy, cultural and sports events, including family-friendly entertainment and National Collegiate Athletic Association (NCAA) tournaments. MSE founder, chairman, principal partner and chief executive Ted Leonsis has invested more than US$200 million in Capital One Arena since taking majority control of the building in 2010.

MSE’s NBA G League franchise, the Capital City Go-Go, currently practices and plays at the Entertainment and Sports Arena in the Ward 8 section of DC – and will continue to do so.

“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,” said Leonsis. “The opportunity to expand to this 70-acre site in Virginia, neighbouring industry-leading innovators, and a great academic partner, 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 continued: “Our business needs have changed dramatically since our current arena opened in 1997. We are a multi-faceted sports and entertainment enterprise with teams, venues, and media networks. Throughout its history, Monumental Sports has undergone remarkable growth. And, with this public-private partnership with the Commonwealth of Virginia, the City of Alexandria, and JBG SMITH, we anticipate an even more dynamic future. We believe this expansion would enable us to uphold our commitment to building an exceptional experience for our fans, employees, and partners.”