Washington, D.C. – In a groundbreaking announcement Thursday, Washington, D.C. officials, including Mayor Muriel Bowser, NBA Commissioner Adam Silver, and Ted Leonsis, owner of the Washington Capitals and Wizards, revealed an additional $300 million in funding to support the ongoing $800 million renovation of the Capital One Arena. This major investment promises to transform the downtown venue, ensuring it remains a top-tier entertainment destination for years to come.
The announcement was made during a ceremonial demolition event at the arena, where leaders swung ceremonial sledgehammers through a printed piece of drywall to mark the beginning of a massive overhaul. The renovation is slated to be completed by the 2027-28 NBA and NHL seasons.
Ted Leonsis and Monumental Sports & Entertainment’s Commitment
Ted Leonsis, who owns both the Washington Wizards NBA basketball team and the Washington Capitals NHL hockey team, celebrated the significant milestone. Leonsis noted that his company, Monumental Sports & Entertainment, would fund the remaining portion of the project, which includes plans to double the size of locker rooms, add luxury suites, and update several other critical aspects of the arena.
“This is a landmark day for the district and for Monumental Sports. This project is massive and will likely take three seasons to complete, but it’s going to be worth the wait,” said Leonsis. “This investment will not only benefit players but also fans and the entire community.”
$1.1 Billion Investment in D.C.’s Future
The overall $1.1 billion investment, combining the $800 million renovation and the additional $300 million, marks a monumental effort to modernize the arena, which originally opened in December 1997. NBA Commissioner Adam Silver called the renovation a “game-changer,” emphasizing that it would enhance the experience for both players and fans. “This is nearly a billion-dollar investment that will benefit the community, and we’re excited about the potential for future All-Star Games and other major events,” Silver said.
A Hub for D.C. and the Region
Mayor Bowser expressed her enthusiasm for the project, highlighting its significance not only for the Capitals and Wizards but for the entire city. “This project is about creating a central hub that connects D.C.’s diverse neighborhoods. The success of this renovation is a victory for the entire city,” Bowser said.
The renovation is expected to revitalize the Capital One Arena, making it an even more vibrant location for major sports events, concerts, and other entertainment, while also strengthening the area’s role as a key destination in Washington, D.C.
The Road Ahead: Impact Beyond Sports
District leaders, including Councilmember Brooke Pinto, praised the project as a symbol of D.C.’s resilience and growth. “Ted Leonsis, thank you for believing in this city,” Pinto remarked. The project will create numerous jobs and provide a boost to the local economy, while also ensuring that the arena remains competitive with newer venues across the country.
As work begins, the next three seasons will see ongoing construction and renovation efforts. Fans and residents will experience some disruption, but leaders are confident the end result will be a world-class venue that benefits everyone in the region.
Looking Forward to 2027-2028
The renovated Capital One Arena will be ready for the 2027-28 NHL and NBA seasons, with plans to host future All-Star Games, major concerts, and other high-profile events. The collaboration between city leaders, sports executives, and the community aims to keep the venue at the heart of Washington, D.C.’s cultural and entertainment landscape for decades to come.
This monumental project marks an exciting new chapter for D.C. sports, and the renovation’s potential to draw world-class events further solidifies the city’s place as a major hub for sports and entertainment in the U.S.