Monumental Sports owner Ted Leonsis delves into reasoning behind potential move to Virginia

WASHINGTON (DC News Now) — Ted Leonsis, owner of Monumental Sports, gave a lengthy and detailed response Thursday outlining his reasoning for potentially moving the Washington Capitals and Wizards out of D.C. and to Virginia.

In his letter, Leonsis described the area as “One DMV.”

“The DMV is a supercity. We have three international airports, two in Virginia and one in Maryland, dozens of renowned public and private universities, large green spaces, most notably, the National Mall, a defining business sector, in our case, the federal government, and finally, professional sports teams,” the letter said in part.

DC among worst US cities for bedbugs, Orkin says

According to Leonsis, 44% of fans who attended Capitals and Wizards games were from Virginia. 41% were from Maryland, and 15% were from Washington, D.C.

“The teams represent the DMV, and they belong to the entire DMV. This will never change,” he said.

He also stated that only 20% of Monumental employees live in Washington, D.C. with a majority living in Maryland and Virginia.

He said his two main objectives are to deliver the best experience for fans and a best-in-class set of facilities for athletes and employees.

Wizards head coach moved to front office; interim named

Leonsis addressed concerns about the financing of a public-private partnership, claiming that “The Entertainment District in Potomac Yard will require no upfront cash commitment by the Commonwealth of Virginia. No new taxes will be imposed on residents or businesses in Virginia.”

He said the commonwealth will own the arena and use its AAA credit rating to issue bonds in order to fund construction. Those bonds would be paid back through lease payments, user fees, and taxes generated by the entertainment district.

Leonsis said that Monumental Sports will contribute over $400 million to the project.

As to concerns over Monumental Sports abandoning D.C., Leonsis said that it would continue to support Capital One Arena through 2028 and beyond.

In terms of the development process for the entertainment district, Leonsis said that Monumental Sports was still in the process of obtaining approval from the Virginia General Assembly.

He said traffic analyses were underway in order to determine the infrastructure needs of the district. They have also begun working with an architect for the project.

“I appreciate all the support and excitement from fans and customers about this project and I certainly acknowledge concerns heard from passionate members of the community. I look forward to hearing from those who are concerned, working to address any issues raised, and demonstrating why I believe this is the best decision for our fans, our thousands of full and part-time employees, the teams, the athletes, our partners, and the DMV,” Leonsis said.

For the latest news, weather, sports, and streaming video, head to DC News Now | Washington, DC.