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Ted Leonsis and Monumental Sports plan to take his NBA and NHL teams to Alexandria, Va., by 2028, relocating the teams from downtown Washington, D.C., for a new $2 billion sports complex that would house the pro sports franchises.

The Washington Wizards (NBA) and Washington Capitals (NHL) are currently co-tenants at Capital One Arena in the District of Columbia with the WNBA’s Washington Mystics.

Leonsis said the non-binding agreement follows a track to open the new stadium for games during the 2028 season. The 2023-24 NHL season began Oct. 10; the NBA season kicked off Oct. 24.

Virginia Gov. Glenn Youngkin shared the plans alongside Leonsis at a press conference Wednesday on the proposed construction site in Potomac Yard, just miles from the current stadium in the nation’s capital.

“My belief is that at Capital One Arena, we can host women’s sports. Our intention is to expand here and keep Capital One Arena in D.C. a great place,” Leonsis said.

Approval of the state legislature in Virginia is required to move forward, and the NBA and NHL have relocation terms in their bylaws mandating majority approval from fellow owners.

Within the development outline are a new practice facility to be used by the Wizards, a media studio, standalone performing arts center, hotels, convention center, residential housing and retail sites to include dining and shopping.

“When we first came out here and we saw 70 acres and the ability to start with a clean state,” Leonsis said. “It really is a very romantic but also pragmatic vision that we have that we can’t do anywhere else. This place is one of a kind.”

The development is similar in scale and structure to the development in Inglewood, Calif., established around SoFi Stadium, home to the NFL’s Rams and Chargers and constructed as an “entertainment complex.”

When Rams owner Stan Kroenke broke ground, the total cost of that stadium was estimated at $2.66 billion. Internal league documents, produced by the NFL in March 2018, indicated a need to raise the debt ceiling for the stadium and facility based on an all-in cost totaling $4.963 billion.

D.C. Mayor Muriel Bowser and City Council Chairman Phil Mendelson revealed legislation drawn up after learning of Leonsis’ plans that would put $500 million in city funding toward renovations and modernization of Capital One Arena in an effort to keep the pro sports teams from moving. The Wizards and Caps have played there since 1997.

Washington’s NFL team, the Commanders, changed hands earlier this year when a group led by Josh Harris purchased the franchise from Daniel Snyder before the start of the 2023 season. Harris has also listed a new stadium as a priority. The Commanders recently revealed plans to relocate their business offices to the University of Maryland’s Discovery District.

FedEx Field, formerly Jack Kent Cooke Stadium, is in Landover, Md., about five miles from downtown D.C.

–Field Level Media