Six months since a deal was struck to keep the Capitals and Wizards in D.C., the modernization of Capital One Arena is now set to advance, with the city purchasing the venue and funding upgrades. Why it matters: The renovation will keep the teams in the District through at least 2050 and inject hope into downtown Washington as it continues to recover from the pandemic.

D.C.’s proposed plan to buy and help fund renovations at Capital One Arena could help revitalize the surrounding Chinatown and Gallery Place neighborhoods, according to a professor of finance at the University of Maryland.

A new proposal from D.C. Mayor Murial Bowser would keep the Washington Wizards and Capitals playing at Capital One Arena through at least 2050.

District Mayor Muriel Bowser submitted legislation to the D.C. Council to acquire the arena for $87.5 million, as part of the city’s commitment toward spending $515 million to renovate the arena and part of the surrounding area over the next several years. NBC4 first reported the news of the legislation on Sunday.

D.C. Mayor Muriel Bowser has submitted a new bill to the D.C. Council to transfer ownership of Capital One Arena, home of the Washington Capitals and Wizards, to the city, WTOP has learned.

More than six months after Mayor Muriel Bowser and Monumental Sports CEO Ted Leonsis struck a deal to keep the Washington Capitals and Wizards in DC, the full details of their agreement have been made public.

Under the proposal, the city, which already owns the land under the arena, would buy the building for $87.5 million.

Monumental Sports & Entertainment and Washington, D.C., mayor Muriel Bowser announced that they will formally propose legislation to fund the renovation of Capital One Arena, the home of the Washington Wizards and Capitals.

D.C. Mayor Muriel Bowser and Chief Executive Officer of Monumental Sports & Entertainment (MSE) Ted Leonsis announced Monday that legislation was submitted to purchase Capital One Arena.