$515M Renovation of Capital One Arena to Keep Wizards, Caps in D.C.

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The NBA's Washington Wizards and NHL's Washington Capitals will remain in the District of Columbia after reaching a deal with the city to put $515 million into a renovation of the teams' Capital One Arena. 

According to a press release, Monumental Sports & Entertainment’s founder, chairman, principal partner and CEO, Ted Leonsis, D.C. mayor Muriel Bowser, and D.C. council chairman Phil Mendelson  announced the agreement for a renovation and modernization of Capital One Arena and an expansion of Monumental’s business and hospitality operations next door into Gallery Place. 

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