Capital One Arena, home of the Washington Wizards and Washington Wizards, will undergo an $800 million renovation to keep the teams in the building through their 49-50 seasons. The project is supposed to take place primarily over the next three summers, with an idealized end date of summer 2028 before the Wizards’ and Capitals’ 2027-28 seasons.
The announcement comes just over a year since Ted Leonsis and Virginia Governor Glenn Youngkin announced plans to build an arena in Alexandria, Virginia. Wizards' parent company, Monumental, is pledging $285 million toward the arena renovation. Washington D.C. will pay $515 million.
“I’d say, from a league standpoint, this is the ideal public-private partnership,” Silver said. “This is nearly a billion-dollar investment, for their benefit and the community’s benefit. I think these are the modern-day town halls, these arenas. What’s happening now in these entertainment palaces, they are full, seemingly, every night of the year … this will easily put you in the top tier (of busiest NBA arenas) when this renovation is completed.”
