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Ted Leonsis and Glenn Youngkin will be at the Potomac Yard.

SportsTed Leonsis and Glenn Youngkin will be at the Potomac Yard.

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Ted Leonsis is the owner of Monumental Sports and Entertainment. A plan to build a new arena for the Wizards and Caps in Alexandria is close to a formal announcement according to multiple people familiar with the details. The news of a joint appearance by Leonsis and Youngkin prompted the D.C. to make an 11th-hour attempt to keep both teams downtown. The event with the team owner and governor was confirmed by seven people who spoke on the condition of anonymity to share private discussions. The District is in talks with Leonsis about renovations to Capital One Arena, the current home of the Wizards and Caps. The Mayor and the Chairman of the Council have proposed a bill that would provide $500 million in financing for the rehabilitation of Capital One Arena and an extension of its ground. The District is being asked for $600 million in public funds for a major renovation of the arena by Monumental, which is seen as a key to revitalizing the downtown area. The bill was D.C.'s best and final offer.

The proposed move of the Wizards and Capitals to a new facility in Alexandria requires additional approval from state and local lawmakers. Tents were visible near the Metro station in advance of the event. The bill authorizes a development agreement between her office and Monumental, which would see the company receive $167 million in public funds per year. Leonsis and Monumental Sports have been critical partners in keeping our downtown thriving, the mayor said in a statement. The $500 million offer, pledged to ramp up security in the area, and the idea of turning the Gallery Place-Chinatown neighborhood into an "entertainment epicenter" were included in the pitch.

The D.C. leaders learned of Virginia's announcement Wednesday morning and left the meeting to speed up drafting the legislation. A person who was briefed on the Alexandria deal said a Virginia stadium authority would lease the larger mixed-use complex to Monumental. The plan was approved by the Major Employment and Investment Project Approval Commission, which is made up of a dozen Virginia lawmakers. Any deal between the state and Monumental would need approval from the full General Assembly and the Alexandria City Council.

A spokeswoman for Youngkin didn't respond to requests for comment. The arena is one of the older facilities in the NHL and the NBA. Capital One Arena has been a part of D.C.'s comeback story. The Arena can be a part of our comeback, even though downtown is down.

Alexandria officials have long targeted the former rail hub as a potential site for future development. Two people familiar with Virginia's proposal said it includes about $200 million for transportation improvements to support the new arena, though it does not specify what roads would be affected. Adding a ramp to connect the station directly to the proposed arena is one of the things that has been discussed. Two people who spoke on the condition of anonymity said that Youngkin had pitched several House and Senate Democrats on the project. Youngkin will need Democrats in both chambers to approve additional transportation funds and create a sports authority to oversee financing. The few who spoke said they were not yet on board. Marcus B. Simon wrote on X that the situation needed to be a true win-win to earn his support. L. Louise Lucas, incoming chairwoman of the powerful Senate Finance and Appropriations Committee, framed the project as a bargaining chip for regional or Democratic priorities. She wants to get rid of tollbooths from the area and she also wants recreational sale of marijuana.

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