Reply to Wizards and Caps could be moving to Potomac Yard

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][twitter]https://twitter.com/tomsherwood/status/1755756206168129599[/twitter]

Ted, you may not feel you are abandoning DC, but your DC and MD fans feel you are abandoning us. So if that is how you feel, your teams can play to empty arenas between now and when you have another venue in 2028/2029.

Have fun.[/quote]

In reality, Ted is abandoning DC.  Capital One supposedly hosts 200 events a year.  Assuming each event draws on average 10,000 fans, that is 2+ million fans filtering through Capital One and Chinatown a year.  There is no way that Ted can replace that number without the 80+ Caps/Wizards games.  Moreover, does Ted really plan to keep the remaining 120 events a year at Capital One, even though he would own a brand shiny new entertainment district "only" a few miles away?  Skeptic here.  Is Ted willing to guarantee, with financial backup, that Capital One will continue to host 2+ million guests a year.  Skeptic here.  Further, we also know that new entertainment facilities do not increase the overall entertainment expenditures, as the new facilities simply divert entertainment dollars from X venue to Y venue.  Do we really think that DMV and the "close" suburbs really need another entertainment facility?  In fact, whatever entertainment venue that he might build in PY will only draw events from other DMV venues.  Skeptic here.  Finally, does he really think that a season ticket holder to 20-40 Caps/Wizards games a year is interested in (or has time for) nearby restaurants.  This sports fan eats at the park, whether in a suite or downstairs.  Generally not interested in nearby restaurants.

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By the time PY is built, Ted will no longer have the ground lease under the CapOne Arena. He will need to either (1) negotiate a new $$$$ ground lease with the DC government or (2) sell the stadium structure at a big discount to another entity that will sign a new ground lease with DC government. The value is in the land, not the arena; especially if PY actually gets built.

The fact that neither the NHL or NBA would let him take the franchises out of DC makes me more certain than ever that Ted is angling to sell Monumental to someone else and trying to use the PY deal to gain leverage/add value to the company. Ted is old, his heirs don't want to run it.[/quote]

Uh, his son Zach is an executive at Monumental and has been there since he finished his education.[/quote]

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