Washington Wizards and Capitals won’t move from DC after Virginia proposal ‘will not move forward’

The Virginia city of Alexandria announced the end of talks to move the stadium for the Washington Wizards and Capitals from Washington, D.C.

The announcement is the killing blow to a key plan of Gov. Glenn Youngkin (R-VA), who had been pushing for the transfer of the stadium since last year. The statement from the city said that plans fell through due to negotiations not reaching certain conditions.

"Throughout this process, the City has been committed to ensuring that our role in this project not only added financial value but promised that our core values would remain an integral part of this opportunity," the City of Alexandria said in a statement.

"The City was adamant that any favorable consideration of the proposal included substantial and thoughtful improvements to the existing transportation system; included affordable housing; protect our stellar AAA bond rating; protect existing and future residents from financial risk; provided substantial future revenue for city and school services; protected existing neighborhoods; and provided quality jobs for our community," it continued.

"We are disappointed negotiations did not result in a proposal that protected our financial interests and respected these community values."

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Democrats in the state legislature were widely opposed to the deal, viewing it as a waste of money.

Youngkin’s ambitious plan, introduced alongside the teams’ owner, Ted Leonsis, would build a new sports arena in Virginia, bringing the Washington teams into the state. The proposal cost $2 billion and met staunch opposition from labor groups and lawmakers. Legislative Democrats announced earlier this month that they would not agree to the funding as part of a budget compromise, which served as a crippling blow to the project.