Mariah Cain, Staff Writer
Founder and CEO of Monumental Sports and Entertainment, Ted Leonsis, has signed a $515 million arena project with the District of Columbia. The Washington Wizards and Capitals, both owned by Monumental Sports and Entertainment, will remain in the District through 2050. In December, it was announced that the teams would be moving to Northern Virginia in a new sports and entertainment venue. However, after months of deliberation the proposed arena bill legislation could not make it out of Virginia’s Senate.
Leonsis said, “I think there are some people… that are disappointed in me and I totally understand that.” He continued, “When you’re CEO of a big company, when you’re mayor, when you’re president of the United States, you have to make decisions that are tough, that you think are right for your business. I made the decisions that I think were right, I also think that this decision to come here and sign the paperwork that I did today is the right decision.”
