D.C. mayor, Leonsis announce Caps, Wiz to stay in Washington under new deal - ESPN

WASHINGTON — The NBA's Washington Wizards and NHL's Washington Capitals are staying in the District of Columbia for the long term after ownership and the city reached an agreement on a $515 million arena project.

Mayor Muriel Bowser and owner Ted Leonsis signed a letter of intent on Wednesday for the deal, which keeps the teams in the District through 2050. They announced the development at a joint news conference at Capital One Arena minutes later.

«It's a great day, and I'm really relieved,» Leonsis said.

The project is set to include 200,000 square feet (18,580 square meters) of expansion of the arena complex into the nearby Gallery Place space, the creation of an entertainment district in the city's surrounding Chinatown neighborhood and safety and transportation upgrades.

«We are the current home and the future home of the Washington Capitals and the Washington Wizards,» Bowser said. «As Ted likes to say, we're going to be together for a long time.»

In a statement, D.C. Attorney General Brian Schwalb said residents «could not have been louder or clearer in expressing their desire for the teams to stay.»

«This outcome will have significant positive impacts on economic development, public safety, and overall District energy and spirit generated by the millions of people who attend games, shows, and concerts at Capital One Arena,» Schwalb said.

The Council of the District of Columbia will take up the deal next week and is expected to pass it, Chairman Phil Mendelson said at the news conference.

The agreement between Monumental Sports & Entertainment and the city came as Alexandria officials said talks for a new arena that would have moved the teams to Virginia had ended. Leonsis acknowledged Virginia had land as an