Ted Leonsis and Washington Mayor Muriel Bowser have struck a deal to keep the Washington Wizards and Washington Capitals at Capital One Arena in downtown Washington DC until at least 2050.
Leonsis, through his parent company Monumental Sports and Entertainment, formalized the agreement with the city through a signed letter of intent on Wednesday afternoon.
The agreement follows unsuccessful attempts to build a new arena in Alexandria, Virginia, which failed to gain approval from the state legislature.
