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Monumental Sports & Entertainment asks for $600 million to renovate Capital One Arena, according to report

The Arena is nearly 30 years old and looking to do an arena bowl transformation.

Washington Wizards Introduce Johnny Davis Photo by Stephen Gosling/NBAE via Getty Images

Last July, there were rumors that Monumental Sports & Entertainment was in exploratory talks about moving the Washington Wizards and Capitals to a site in Arlington County, Va. But given Capital One Arena’s ideal location in the middle of D.C., it always made sense that Monumental would prefer to remain there, especially since they own the property.

On Friday, Sam Fortier of The Washington Post reported that Monumental asked the D.C. government for $600 million in public funding for the next four years, starting in 2024 so Capital One Arena would get a new renovation. Monumental will also fund $200 million themselves.

Here is what Monumental wants to do with this construction project:

  • Most of the money will be used to rebuild the seating bowl. The arena will presumably get a little bit smaller, with more seats placed toward the court (Wizards) and ice (Capitals). The renovations for these projects would only happen during the summer so the Wizards and Capitals can continue playing there during the renovations.
  • A new food court accessible to the public outside of game hours.
  • A new “glassy front entrance” at 7th and F Streets, NW.

The D.C. government is noncommital about giving Monumental $600 million, and the process is very early. However, D.C. is also facing pressure from other sports teams. The Nationals are looking to renovate their stadium, which is almost 20 years old. And now that Philadelphia 76ers owner Josh Harris owns the Washington Commanders, the D.C. government wants to bring the team that used to have the “Big Men on Campus” back at their glory days spot where RFK Stadium was.

No pun intended on Glory Days Grill, though they serve decent fare.

I believe Monumental will ultimately get the money because I find it hard to believe that the Wizards and Capitals will play in Ashburn, even if it’s now on the Metro. That said, at least I live AND work in Loudoun County, so....

Let me know your thoughts on this news in the comments below.