LEONSIS IS A TERRIBLE OWNER — WHY IS VIRGINIA REWARDING HIM WITH A NEW ARENA?!

By Lew Gould

A group of Virginia state lawmakers have teed up a vote to bring the Washington Wizards and Capitals across the Potomac River, according to DC’s News4.

The teams’ current facility, the Capital One Arena, has been home to those teams for years in D.C.’s Chinatown neighborhood. But the Caps and Wizards could relocate to a proposed arena in the burgeoning Potomac Yard area of Alexandria, where a new Metro station opened earlier this year.

While Monumental owns Capital One Arena, the District owns the land on which it sits, and Monumental founder and CEO Ted Leonsis has complained about the ground lease.

In 2016, Leonsis said he had “the worst building deal in professional sports,” according to the Washington Post, which reported that he said he was paying $14 million per year in interest, $9 million in principal and maintenance costs that the year before cost $13 million. “By comparison, he said, most teams pay rent of $3 million to $4 million to play in municipally owned arenas,” the Post reported.

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