Capital One Arena Owners Seek $600M in Public Funds for Renovation

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Owners of Capital One Arena are asking the Washington D.C. government to contribute $600 million toward a major renovation of the facility. 

Monumental Sports & Entertainment, owner of the Wizards, Capitals and Mystics, has asked for the money amid a a debate about the future of downtown and whether to spend public dollars on building a new stadium for the NFL's Washington Commanders. 

Monumental is hoping to secure the funds in time to being work by 2024, with an incremental advance in projects over four summers. Monumental would chip in $200 million. 

According to Axios D. C., the changes would mean fewer nosebleed seats, a new food court, and a new glass entrance. 

As leverage in obtaining the funds, Monumental might use the fact that it is currently in negotiations with Virginia to relocate the arena to a site in Potomac Yard in Alexandria, near Amazon HQ2 and a new Virginia Tech campus

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