At least until 2050

Capitals and Wizards to remain in Washington

Alexander Ovechkin (l.) and Kyle Kuzma(Bild: APA/Getty Images via AFP/GETTY IMAGES/Patrick Smith)

The NHL team Washington Capitals and the NBA franchise Washington Wizards will remain in the US capital Washington after talks about a relocation. 

Mayor Muriel E. Bowser and Ted Leonsis, who owns both franchises, signed an agreement on Wednesday that provides for the Wizards and Capitals to remain in the city until 2050, subject to the approval of the Washington City Council. The shared home of Capital One Arena will be renovated.

The Capital One Arena in Washington(Bild: ASSOCIATED PRESS)

Under the agreement, the city will invest 515 million dollars (476 million euros) in the arena over the next three years. As a result of these renovations, Leonsis will sign a new lease that runs from 2025 to 2050. "We are the current and future home of the Washington Capitals and Washington Wizards," said Bowser. "This was not only the right thing for the community, but the right thing for the city, the right thing for us."