Ted Leonsis and Monumental Sports and Entertainment have announced that they will implement a $40M renovation to Capital One Arena. Leonsis is the owner of both the NBA’s Washington Wizards and NHL’s Washington Capitals as well as Capital One Arena itself. Capital One Arena serves as the home arena to both franchises. The renovation will begin following the conclusion of the Capitals and Wizards regular seasons this summer and is expected to be finished by October, 2018.