NHL Rumors: Washington Capitals relocation on the cards after developmental concerns in Capital One arena

According to the Washington Post, the Washington Capitals and the Washington Wizards may leave D.C., with state lawmakers considering a move that would see both teams play in a new arena in Northern Virginia.

A closed-door meeting is scheduled for Monday afternoon to discuss the deal. Notably, both the Washington Capitals and Wizards are owned by Monumental Sports and Entertainment, a D.C.-based sports company led by CEO Ted Leonsis.

"The state’s Major Economic Investment (MEI) Project Approval Commission, which is made up of a dozen state lawmakers, is expected to consider the proposal when it meets Monday afternoon, according to three people with knowledge of the plans,” the Washington Post reported."

Both teams have been playing their games at the Capital One Arena in Gallery since 1997. As per the Washington Post, if the potential deal succeeds, both the Capitals and Wizards will move to a new arena in Alexandria's Potomac Yard neighborhood.

However, the report also states that Monumental Sports and Entertainment is willing to inject hundreds of millions of dollars of investment should the deal proceed. Notably, the company has not announced whether the two teams will be moved to Virginia.

If the deal is approved, it will be a significant shift for the two teams who have spent decades in the District, but it will also serve as a significant economic boost for the Virginia government.

Although the deal would be a win for Virginia, it would be a significant setback for the District Downtown, as District officials have been negotiating with the team's owner for months to renovate the Capital One Arena.

There's no timeline for the deal to be announced. So, it remains to be seen how the development unfolds in the coming days or weeks.

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How long have the Washington Capitals and Wizards been playing at the Capital One Arena?

The Capital One Arena was opened in 1997 and was initially known as the MCI Center. After nine years, in 2006, it was renamed Verizon Center when the arena was owned by Verizon Communications.

A decade later, in 2017, Verizon Center became the Capital One Arena. Monumental Sports and Entertainment took over the ownership of the arena. Notably, the Capitals One Arena has been home to the Washington Capitals (NHL) and Washington Wizards (NBA).

Both teams have been playing their home games at the aren and since it came to be known in 1997 as the MCI Center. The arena boasts a seating capacity of 20,356 for NBA games and 18,573 for NHL games.