Wizards and Caps could be moving to Potomac Yard

[Anonymous]

Can someone please explain to me what's so bad and outdated about the current arena?

[Anonymous]

Anonymous wrote:Can someone please explain to me what's so bad and outdated about the current arena?

Old design which limits Ted's ability to make money

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can someone please explain to me what's so bad and outdated about the current arena?

Old design which limits Ted's ability to make money

But what exactly is the "old design" and the specific problem with this old design? Besides money for Ted, in what way would an "new design" would benefit fans and patrons?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can someone please explain to me what's so bad and outdated about the current arena?

Old design which limits Ted's ability to make money

But what exactly is the "old design" and the specific problem with this old design? Besides money for Ted, in what way would an "new design" would benefit fans and patrons?

Isn’t the sound proofing bad? I remember reading that Ted struggled to work in his office due to the noise from street musicians outside.

[Anonymous]

Anonymous wrote:Can someone please explain to me what's so bad and outdated about the current arena?

Nothing. The initial lease expires in 2027, so Ted either needs to re-up, and he is asking for improvements which the city has pledged $500M oir he needs a new place for his teams to play.

The arena itself is fine and has had numerous city financed improvements over the 25 years it has been occupied.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can someone please explain to me what's so bad and outdated about the current arena?

Old design which limits Ted's ability to make money

But what exactly is the "old design" and the specific problem with this old design? Besides money for Ted, in what way would an "new design" would benefit fans and patrons?

Isn’t the sound proofing bad? I remember reading that Ted struggled to work in his office due to the noise from street musicians outside.

He can get a pair of noise cancelling headphones for $50 to solve the problem.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can someone please explain to me what's so bad and outdated about the current arena?

Old design which limits Ted's ability to make money

But what exactly is the "old design" and the specific problem with this old design? Besides money for Ted, in what way would an "new design" would benefit fans and patrons?

Compared to newer venues, a lack of premium and ultra premium seating and a lack of team controlled square footage surrounding the arena.

[Anonymous]

Amazing perspective here from the Utah Jazz owner.

"Downtown Salt Lake City is the heart of Utah,” Smith posted.

“Our efforts are not about an arena, it’s about revitalizing a downtown that desperately needs investment. Imagine a downtown experience like this with the NBA / NHL at its core.”

[Anonymous]

Anonymous wrote:Can someone please explain to me what's so bad and outdated about the current arena?

Nothing. This was never about the arena itself. What Ted wants (and almost got) was the ability to get a cut of the money that Wiz & Caps fans spend at restaurants, bars, and other miscellaneous retail vendors before and after the game (which Ted would be able to get because these would be built within the PY development that Monumental would control). Effectively, this is about him internalizing the positive economic externalities that arena traffic generates for the surrounding community. So, a very healthy chunk of all the economic benefits that are trumpeted by Monumental's studies would have gone right into Ted's pocket.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can someone please explain to me what's so bad and outdated about the current arena?

Nothing. The initial lease expires in 2027, so Ted either needs to re-up, and he is asking for improvements which the city has pledged $500M oir he needs a new place for his teams to play.

The arena itself is fine and has had numerous city financed improvements over the 25 years it has been occupied.

This. The entire issue for Ted is that his sweetheart lease with the city of DC expires in 2027. He's been paying a below-market rent this entire time for the ground under the arena according to a formula. The final annual rent for the land will be around $900K per year in 2026. After that, the contract is up and DC gets to renegotiate rent payments with Monumental.

It's actually kinda crazy that DC is offering him $500M to improve the arena. When does your landlord offer you money to upgrade the place you rent? Never, of course.

More than anything, I think Ted is psychologically triggered by being powerless in 2027 when the lease expires. He will then have to negotiate with DC from a position of weakness and the current political environment in cities are not friendly to billionaire sports owners. It's not the same as 25 years ago when a billionaire could get a subsidized stadium and buy off all the local pols. There's a lot more class consciousness and scrutiny over where tax dollars are flowing.

[Anonymous]

Anonymous wrote:Amazing perspective here from the Utah Jazz owner.

"Downtown Salt Lake City is the heart of Utah,” Smith posted.

“Our efforts are not about an arena, it’s about revitalizing a downtown that desperately needs investment. Imagine a downtown experience like this with the NBA / NHL at its core.”

LOL downtown SLC sucks. Really wide avenues that are not pleasant for pedestrians. It's completely purpose built for car drivers from the suburbs.

They would kill for half the foot traffic that Metro Center gets.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Step 1) Take the DC deal and get DC to put a huge security presence on game days in the arena area and metro. Say it was a mistake to move.

Step 2) Bring back the team name to the iconic Bullets. From an era and history that the team was well run and good.

I don’t know why Virginia would even want the teams. When you look in the rafters of the current arena it’s practically barren of meaningful franchise accomplishments. 1 half century old nba championship of a team with a different name and 1 Stanley cup in 50 years. Then the hilarious Mystics attendance leader banner. When number 8 retires in the immediate future there is zero reason to waste time on these teams that have boring names and poor loyalty. There is nothing interesting about the new project. It looks sterile and aesthetically boring while being hilariously right next to the Reagan National jet takeoff impact zone.

Total joke.

The Caps have been sold out for basically the last 15 years. The Wizards draw incredibly well for how putrid they have been since 1980.

Fans will come if you put a winning product on the floor.

Those attendance numbers will not carryover to PY for either the Caps or the Wizards.

Attendance is down for the Caps. Their ticket sales people are pulling all sorts of gimmicks to entice customers.

It might carryover if they're able to change the experience. The Nationals were terrible when they moved to the district, but it was so fun to take kids to a brand new ballpark with playgrounds and misters and fun food, that the team didn't really matter much. They could build an experiential arena with lots of outdoor music and other features that would make it worth the trip.

Oh lord, please no outdoor music. That will drive people away.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can someone please explain to me what's so bad and outdated about the current arena?

Old design which limits Ted's ability to make money

But what exactly is the "old design" and the specific problem with this old design? Besides money for Ted, in what way would an "new design" would benefit fans and patrons?

Compared to newer venues, a lack of premium and ultra premium seating and a lack of team controlled square footage surrounding the arena.

I am confident that Ted could find an office building (or 2 or 3 or 4) downtown which he could control.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can someone please explain to me what's so bad and outdated about the current arena?

Nothing. The initial lease expires in 2027, so Ted either needs to re-up, and he is asking for improvements which the city has pledged $500M oir he needs a new place for his teams to play.

The arena itself is fine and has had numerous city financed improvements over the 25 years it has been occupied.

This. The entire issue for Ted is that his sweetheart lease with the city of DC expires in 2027. He's been paying a below-market rent this entire time for the ground under the arena according to a formula. The final annual rent for the land will be around $900K per year in 2026. After that, the contract is up and DC gets to renegotiate rent payments with Monumental.

It's actually kinda crazy that DC is offering him $500M to improve the arena. When does your landlord offer you money to upgrade the place you rent? Never, of course.

More than anything, I think Ted is psychologically triggered by being powerless in 2027 when the lease expires. He will then have to negotiate with DC from a position of weakness and the current political environment in cities are not friendly to billionaire sports owners. It's not the same as 25 years ago when a billionaire could get a subsidized stadium and buy off all the local pols. There's a lot more class consciousness and scrutiny over where tax dollars are flowing.

Pollen, Ted's supposed mentor, paid for most of the original MCI Center's costs. Ted takes a different view on who should spend money on a new arena.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can someone please explain to me what's so bad and outdated about the current arena?

Nothing. This was never about the arena itself. What Ted wants (and almost got) was the ability to get a cut of the money that Wiz & Caps fans spend at restaurants, bars, and other miscellaneous retail vendors before and after the game (which Ted would be able to get because these would be built within the PY development that Monumental would control). Effectively, this is about him internalizing the positive economic externalities that arena traffic generates for the surrounding community. So, a very healthy chunk of all the economic benefits that are trumpeted by Monumental's studies would have gone right into Ted's pocket.

So, Ted wants someone else to pay for a new arena in PY, wants to take a cut of the action on the surrounding businesses, and otherwise wants to control the entire surrounding neighborhood. I guess he must be a billionaire to be that arrogant.