Washington Wizards, Capitals move to Virginia passes hurdle in state legislature

Lawmakers on the Virginia House Appropriations Committee voted 17-3 to advance the measure, a top priority of Republican Gov. Glenn Youngkin, to the floor of the House of Delegates. Though the bill passed overwhelmingly, several senior Democratic legislators took care to say that their support for the measure at this point was in the interest of keeping negotiations over the deal going.

“This process is going to take the rest of our session at a minimum to enact or not enact this legislation,” Democratic Del. Mark Sickles of Fairfax County, who supported the bill, said before the committee vote.

The legislation could result in a legacy-defining project for Youngkin, a former college basketball player. Virginia is the nation’s most populous state without a major pro-sports franchise, something government officials of both parties over the course of decades have sought to change.

Youngkin and entrepreneur Ted Leonsis, an ultrawealthy former AOL executive and the CEO of the teams’ parent company, Monumental Sports and Entertainment, announced in December that they had reached an understanding on a deal to relocate the Capitals and Wizards.

The plan calls for the creation of a $2 billion development in the Potomac Yard section of Alexandria that would include an arena, practice facility and corporate headquarters for Monumental, plus a separate performing arts venue, all just miles from Capital One Arena, where the teams currently play in Washington.

Monumental and the city of Alexandria would put in upfront money under the terms of the deal, but about $1.5 billion would be financed through bonds issued by a governmental entity this year’s legislation would create.

The bonds would be repaid through a mix of revenues…