Muriel Bowser, the mayor of Washington, D.C., has put forth a proposal for the city to buy Capital One Arena from Monumental Sports, the Wizards‘ parent company, according to Michael Brice-Saddler and Sam Fortier of The Washington Post.
The plan proposes the city buy the arena for $87.5MM, with that money coming out of a $515MM fund that city council approved earlier this year for renovations and expansions to the building. The idea would be to lease the arena back to the Wizards, with that lease extending through at least 2050.
D.C. already owns the land under Capital One Arena, Brice-Saddler and Fortier write, and if Monumental maintains control of the building, Ted Leonsis‘ company would be required to pay hundreds of millions of dollars in taxes back to city on the money it receives for arena renovations, which are projected to cost $800MM in total (with at least $285MM being contributed by Monumental). That wouldn’t be the case if the arena is sold to the city.
“This is the deal that was always contemplated when Mayor Bowser and the D.C. Council approved a $515 million improvement in Capital One Arena,” deputy mayor for planning and economic development Nina Albert said in a statement. “This is the best structure to effectuate that; it is what enables an efficient use of public money to be fully reinvested in this project.”
Here’s more on the Wizards:
- Wizards sharpshooter Corey Kispert said on Tuesday that he felt a “huge sense of relief” after finalizing a four-year, $54MM contract extension with the team ahead of Monday’s deadline, per Josh Robbins of The Athletic (Twitter link). “I’m excited to get the deal done and secure the future for my family and play for this organization and ultimately now just really focus on the season,” Kispert said. “I tried to think that I was focused here anyways, but the amount of relief that I felt afterwards made me realize that subconsciously it was weighing on me. So I’m happy that’s out of the way now and I can play.”
- Four rival talent evaluators who spoke to The Athletic were “almost universally optimistic” about rookie guard Carlton Carrington‘s long-term outlook, according to Robbins. One of those four scouts expressed confidence that Carrington can become one of the better players from this year’s draft, while another went even further. “I think he’s the best young prospect on the Wizards,” the second scout said. “I think he has a chance to be the best point guard in this previous draft class, and if he’s a 10-year NBA starter, it’s not going to shock me.”
- With the exception of Malcolm Brogdon (thumb) and Saddiq Bey (ACL), the Wizards’ entire roster is expected to be healthy for the team’s regular season opener on Thursday vs. Boston, head coach Brian Keefe said this week (Twitter link via Robbins). That means Alex Sarr (calf) and Bilal Coulibaly (finger) should be good to go after missing Washington’s last two preseason games.