Washington Sports Team Owners Want D.C. To Give Them $600 Million To Fix Capital One Arena
Monumental Sports, the ownership group behind the Washington Capitals, Washington Wizards and Washington Mystics, is asking for a massive amount of taxpayer money from D.C.
The Washington Post reported that Monumental is asking for $600 million of public funding over four years for construction projects in Capital One Arena. The money would be used to rebuild the seating bowl to remove a number of bad seats and reconfigure other seats to move closer to the court or ice. It would also be used to build a food court with expanded hours and a new fan entrance.
Monumental would do construction over four years to ensure that sporting events aren’t disrupted.
According to the Washington Post, the total cost of the improvements would be roughly $800 million, with Monumental paying just $200 million.
The office of D.C. Mayor Muriel Bowser gave a statement to the Post that came from the mayor and Monumental.
“The District and Monumental Sports are proud to have had a longstanding and positive relationship that has contributed greatly the vibrancy of this city,” the statement reads. “ … The District recognizes that Capital One Arena serves as an important economic anchor as we continue to reimagine and reinvigorate our Downtown.”
WASHINGTON, DC - FEBRUARY 27: Exterior view of Capital One Arena before a college basketball game between the Georgetown Hoyas and the Connecticut Huskies at the Capital One Arena on February 27, 2022 in Washington, DC. (Photo by Mitchell Layton/Getty Images)
Washington Taxpayers Set To Foot Massive Bill
Monumental has been aggressively seeking outside financial help for Capital One Arena. An investment from Qatar’s sovereign wealth fund led to recent controversy, as one family asked for help in getting sports leagues to put pressure on Qatar to intercede with Hamas.
This ask though, directly impacts Washington D.C. taxpayers, who would give Monumental a massive handout covering 75% of the renovation costs.
Normally, public funding is justified based on constructing an entirely new stadium, such as in Las Vegas. But this would just be improvements to an existing building. How that “revitalizes” the downtown area of D.C. is an interesting and unanswered question.