Monumental Sports & Entertainment, the cross-sport club ownership group focused on the Washington D.C. area, has announced the agreement of a deal with local politicians to renovate its Capital One Arena Venue, a move that will see its Washington Capitals ice hockey franchise and Washington Wizards basketball franchise remain in the city through 2050.

The District of Columbia has committed to $500 million of funding to renovate the arena, known as the Capital One Arena for sponsorship reasons, and has also approved the expansion of Monumental commercial and business offerings in the adjacent Gallery Place shopping center, with 200,000 square feet of new space.

Renovations to the arena will be centered on improving seating and hospitality offerings, modernization and digital infrastructure enhancements, and increasing the potential for fan engagement.

Ted Leonsis, founder, chair, and chief executive of Monumental Sports, had planned to take the Capitals and Wizards out of D.C. to a prospective new mixed-use development in Alexandria, Virginia, which borders the District of Columbia.

A public funding deal for that development, however, was rejected in court in Virginia, and hours after the mayor of Alexandria had announced an end to the proposal, D.C. mayor Muriel Bowser unveiled that the Capitals and Wizards teams, both of which play at the Capital One Arena, will remain in D.C. through 2050.

Leonsis stated of the team remaining in D.C., and his prior attempts to move it elsewhere: “I look at outcomes, not process, and we got to the right outcome […] Mayor Bowser and her team heard us and worked with us and gave us the tools for us to meet the needs of our business to expand right here in downtown.

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“This is more than an investment from the city – it’s a true partnership demonstrated by all of these investments which the city has committed to for our fans to have an exceptional gameday experience.”

Leonsis and Monumental purchased the Arena in 2010 alongside his purchase of the Wizards following the death of Abe Pollin, who owned both the NBA team and the venue. Leonsis had previously purchased full ownership of the Capitals in 1999 and held a 44% stake in Pollin’s holdings prior to the Wizards purchase.

Along with the $500 million in public funding, Monumental will provide $15 million to improve access between the Capital One Arena and Gallery Place shopping center, as well as $300 million to add a new training center for the team on the top floor of Gallery Place.

Monumental owns the two franchises as well as six other sides, including the Washington Mystics women’s basketball team and the Capital City Go-go, who play in the NBA’s developmental affiliate competition the G League.

Both the Mystics and the Go-Go will now be able to play as many as four regular season games per year, and all home playoff games, at the Capital One Arena too.

In late February, Monumental signed a partnership with video software provider Synamedia.