Under the proposal, the city, which already owns the land under the arena, would buy the building for $87.5 million.

Washington, D.C. Is taking another step in its effort to keep the Capitals and Wizards in the city for years to come. Mayor Bowser is now proposing buying Capital One Arena.

D.C. Mayor Muriel E. Bowser has submitted legislation to the council to buy Capital One Arena for $87.5 million.

D.C. Mayor Muriel Bowser has proposed legislation to buy Capital One Arena for $87.5 million after months of negotiations to keep the Washington Capitals and Wizards playing in the District. The $87.5 million is part of a $515 million deal to transform the downtown arena and the Gallery Place complex next door and keep the teams in D.

D.C. Mayor Muriel Bowser has proposed D.C.'s purchase and leaseback of Capital One Arena to Monumental as part of a deal to give the downtown arena a top-to-bottom renovation.