Ted Leonsis, the CEO, founder and part owner of Monumental Sports & Entertainment, is not interested in a new arena for the Washington Wizards and Capitals — at least not now.
Despite having mortgage costs of more than $36 million a year in a deal he once described as “the worst building deal in professional sports,” Leonsis would rather stay put at Capital One Arena.
“I spent $110 million on renovations since I’ve owned the building,” he said to me in an interview. “I could see us spending another $100 million over the coming years on infrastructure and technology right here. My goal: The building is 20 years old — I’d like to get another great 20 years out of it.”
Monumental spent about $40 million in renovations over the summer and last year signed a naming rights deal with Capital One Financial Corp. for $100 million over 10 years, replacing Verizon. The Wizards also just opened the new MedStar Wizards Performance Center, the team’s training facility, at the Entertainment…Read the full story from the Washington Business Journal.