American businessman and senior
AOL executive
Ted Leonsis, who had owned the
NHL team
Washington Capitals since 1999, founded Monumental Sports & Entertainment on June 10, 2010, following his acquisition of the
NBA team
Washington Wizards and merger of Lincoln Holdings and Washington Sports & Entertainment.[1]
In December 2023, Leonsis announced a non-binding partnership with Virginia governor
Glenn Youngkin to move the Capitals and Wizards to a planned arena in
Potomac Yard in
Alexandria, Virginia, by 2028.[2][3] The structure would be part of an arts and entertainment district at the site, which would include a practice facility, restaurants, an
esports venue, concert hall, and a new headquarters for Monumental.[4] In March 2024, after officials in Alexandria announced that the $2 billion entertainment and sports complex plans were scrapped, Washington mayor
Muriel Bowser announced a new deal to keep the Capitals and Wizards in the District until 2050.[5] In 2024, Monumental was valuated by Forbes at $6.16 billion.[6]
Formerly the Chicago Packers (1961–1962), Chicago Zephyrs (1962–1963), Baltimore Bullets (1963–1973), Capital Bullets (1973–1974), and Washington Bullets (1974–1997)