Deal to bring Caps, Wizards to Virginia is dead – [Video]

RICHMOND, Va. (CBS19 NEWS) — The effort to bring the Washington Capitals and Washington Wizards to Virginia appears to be over.

The City of Alexandria, the site of the proposed Potomac Yard development, has stopped negotiations.

In December, Ted Leonsis, the owner of both teams, and Virginia Governor Glenn Youngkin announced a handshake deal to build a brand-new arena in Virginia.

Youngkin released a statement on the collapse of the deal:

“Virginians deserve better. A one-of-a-kind project bringing world-class athletes and entertainment, creating 30,000 jobs and $12 billion in economic activity just went up in smoke. This transformational project would have driven investment to every corner of the Commonwealth. This should have been our deal and our opportunity, all the General Assembly had to do was say: ‘thank you, Monumental, for wanting to come to Virginia and create $12 billion of economic investment, let’s work it out.’ But no, personal …