WASHINGTON BUSINESS JOURNAL: Zach Leonsis, the president of media and new enterprises atMonumental Sports & Entertainment, says a deal for a new arena for the Washington Wizards and Capitals in Alexandria’s Potomac Yard is “not dead,” despite being dealt a heavy blow last week by Democrats in Richmond.
Leonsis, who is the son of Monumental Managing Partner Ted Leonsis, told me in an interview Tuesday at the company’s new media studios for Monumental Sports Network that the process of getting an arena deal approved in Richmond has been an “eye-opening experience” but that he believes a path remains available.
“I read a lot of articles that say this deal is dead, and it’s not dead,” Leonsis told me. “We think if people take the time tosit down and think critically and evaluate the proposal on itsmerit that they’ll see this is a really amazing opportunity for the commonwealth, the city of Alexandria and obviously a great opportunity for our organization, too.”
The project has been touted as bringing in 30,000 new jobs and $12 billion in economic impact.
Leonsis said he believed conversations about the arena planwould continue to April 17, when Virginia’s General Assembly will reconvene to consider any alterations to the budget proposed by Gov. Glenn Youngkin. The Republican said over the weekend that lawmakers can expect some changes.
Last week, budget negotiators in the state Senate removedlanguage that would create the framework for a new stadiumauthority to issue some $1.4 billion in bonds for a $2 billion entertainment district anchored by the Wizards and Caps arena in Alexandria’s Potomac Yard. Bills that sought to establish the authority never received hearings in the state Senate. Sen. Louise Lucas, D-Portsmouth, chair of thepowerful Finance Committee, refused to docket them. She has said she opposes the public funding for the arena and has held firm on that despite Youngkin reportedly floating more than $320 million in tunnel toll relief targeted for her district.
Youngkin said on Thursday he felt the Senate was making a“colossal mistake” in removing the budget language related to the arena, and that he feared the Senate’s handling of the arena legislation “damages Virginia’s business environment.”
