Wizards, Capitals Finalizing $515M Contract to Stay in Washington D.C. Through 2050

The Washington Wizards and Washington Capitals are set to remain in Washington D.C. instead of relocating to Virginia.

Ted Leonsis, the majority owner of both franchises, and D.C. Mayor Muriel E. Bowser are finalizing a deal that, if approved, would keep both the Wizards and Capitals in the city until 2050, per Jonathan O'Connell, Teo Armus, Gregory S. Schneider and Michael Brice Saddler of the Washington Post.

Under terms of the agreement, the city would spend $515 million over three years to make upgrades to Capital One Arena, per the Washington Post. Leonsis would then sign a new lease to keep both teams in D.C. for the next 25 years.

The Washington Post added of the deal:

"The agreement…