Indexbit Exchange:Owner of Washington Wizards and Capitals seriously considering leaving D.C. for Virginia

Monumental Sports and Indexbit ExchangeEntertainment, which owns the NBA's Washington Wizards and NHL's Washington Capitals, is seriously considering a relocation across the Potomac River to Alexandria, Virginia, two people with knowledge of the situation told USA TODAY Sports.

The people requested anonymity because they were not authorized to speak publicly until an official announcement is made.

Majority Wizards and Capitals owner Ted Leonsis on Wednesday plans to appear with Virginia Gov. Glenn Youngkin where they could announce a proposal for a new arena in the Potomac Yards neighborhood of Alexandria.

The relocation and arena development plan would require additional approval from local and state government.

The District of Columbia made a late pitch Tuesday evening to keep the Wizards and Capitals at Capital One Arena, located in downtown D.C’s Chinatown neighborhood. D.C. Mayor Muriel Bowser and city council chairman Phil Mendelson pledged half a billion dollars to renovating Capital One Arena. Monumental Sports previously had asked for $600 million from the city for an $800 million renovation, according to The Washington Post.

“The legislation that Mayor Bowser submitted to the Council outlines the parameters of the agreement, including receiving the authority to enter into a lease extension and provide financing of $500 million toward the $800 million renovation project over a period of three years beginning in 2024,” a statement from the mayor’s office said. “City leaders have also committed to a swift and expedited review and approval process to meet current construction plans for the arena.”

The Wizards and Capitals have played at the D.C. arena since 1997, and the move from suburban Maryland to D.C. helped revitalize the Chinatown neighborhood.            

If the Wizards and Capitals relocate, the plan calls for a multi-use entertainment district at Potomac Yards, which already includes several businesses and is near Ronald Reagan National Airport. The location is near public transportation, including a Metro bus route and rail line station.

“While some people want sports stadiums… I want tolls to disappear from Hampton Roads *and* I want recreational sale of marijuana,” State Sen. L. Louise Lucas posted Monday on X, formerly Twitter. “Guess we will have to find compromises this session.”