Washington Capitals, Wizards owner confirms plan to move franchises to Virginia: Reports

According to reports, the Washington Capitals are on the move. On Wednesday, Ted Leonsis, owner of Monumental Sports & Entertainment, which owns the Capitals and Wizards, and Virginia Governor Glenn Youngkin announced a deal to relocate the NHL's Capitals and NBA's Washington Wizards to Virginia.

“Virginia will not only be the best place to watch hockey — to watch basketball, but it will be the best place to innovate and press the envelope in what we can do together,” Youngkin said.

On Tuesday night, it was reported that the Capitals and Wizards could potentially move to Virginia. That forced D.C. leaders to make a last-minute attempt to keep the teams in Washington, D.C., at the Capital One Arena.

However, Leonsis has been vocal about his frustration with the city and the lack of development around the arena, which played a role in the move to Virginia.

“The Commonwealth will now be home to two professional sports teams, a new corporate headquarters, and over 30,000 new jobs – this is monumental,” Youngkin said in a statement.

Following the report of the teams leaving D.C., Mayor Muriel Bowser revealed a counteroffer to keep the professional teams, which included modernizing Capital One Arena.

"The modernization of the Capital One Arena will be an invaluable investment for continued success and our future prosperity,” Bowser said in a statement. “This proposal represents our best and final offer and is the next step in partnering with Monumental Sports to breathe new life and vibrancy into the neighborhood and to keep the Washington Wizards and the Washington Capitals where they belong – in Washington, DC.”

According to the mayor, the proposal has unanimous support from the D.C. Council.

Has the Washington Capitals move to Virginia been made official?

As of right now, the Washington Capitals moving to Virginia is just an agreement, as nothing is signed or official at this time.

However, all indications point to it becoming official soon. The agreement calls for the development of a $2 billion sports and entertainment district in Alexandria, Virginia, south of Washington.

To bring vitality to the neighborhood, this would include not just the arena but also a new Wizards practice facility, a separate performing arts center, a media studio, new hotels, a convention center, housing, and commerce.

Whether or not the Capitals would keep their name or have a rebrand is uncertain at this time.