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.

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.

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.

The renovations are expected to be done by the 2027-28 season for the Capitals, and will cost $800 million in total.

Washington, D.C. Mayor Muriel Bowser has proposed legislation to purchase Capital One Arena for $87.5 million.