The Washington Wizards will move into a new arena and “entertainment district,” which will be built in Alexandria, Virginia.
“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,” Monumental Sports owner Ted Leonsis said in a statement.
“The opportunity to expand to this 70-acre site in Virginia, neighboring 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.”
Monumental Sports also owns the NHL’s Washington Capitals. Both teams are expected to play in the new arena starting in 2028.
Officials in Washington D.C. have been making attempts to keep the Wizards at the Capital One Arena in downtown D.C. where the franchise has played since 1997. According to ESPN, Leonsis was looking to raise $600 million in public funding, though Washington D.C. Mayor Muriel Bowser’s final proposal offered $500 million in funding.
Virginia lawmakers recently voted to move forward with the proposal to build the new arena in Alexandria’s Potomac Yard neighborhood. The plan still requires additional approval.
The Wizards can exit their lease at the Capital One Arena in 2027 and the plan for the venue is reportedly to have it continue to host concerts, sports, and other events. The arena could become the home for the WNBA’s Washington Mystics, which is also owned by Monumental Sports.
