Six months since a deal was struck to keep the Capitals and Wizards in D.C., the modernization of Capital One Arena is now set to advance, with the city purchasing the venue and funding upgrades. Why it matters: The renovation will keep the teams in the District through at least 2050 and inject hope into downtown Washington as it continues to recover from the pandemic.

Monumental Sports & Entertainment CEO Ted Leonsis and D.C. Mayor Muriel Bowser announced new legislation Monday that would support a public-private partnership to redevelop Capital One Arena into what they are calling a global destination.

A new legislation meant to bring more people into the nation's capital is heading to the DC Council for approval. If passed, the bill would fund the revitalization of the Capital One Arena.

TV, the D.C. government will propose buying Capital One Arena from Monumental Sports & Entertainment for $87.5 million. What would happen is that the D.C. government, which already owns the land the arena is on,

D.C. Mayor Muriel Bowser has proposed legislation to buy Capital One Arena for $87.5 million after months of negotiations to keep the Washington Capitals and Wizards playing in the District. The $87.5 million is part of a $515 million deal to transform the downtown arena and the Gallery Place complex next door and keep the teams in D.