Republican Virginia Gov. Glenn Youngkin and the Democratic-controlled legislature face “questions of credibility after the highly public collapse” of a proposed $2B sports and entertainment district to lure the Capitals and Wizards to “leave their home for a new arena in Alexandria that depended on Virginia’s credit rating to finance,” according to a front-page piece by Michael Martz of the RICHMOND TIMES-DISPATCH. The “blame game for the project’s failure is already in full swing,” with Youngkin accusing Democratic leaders of letting “personal and political agendas” thwart “a deal with no upfront general fund money and no tax increases, that created tens of thousands of new jobs and billions in revenue for Virginia.” Monumental Sports & Entertainment founder & CEO Ted Leonsis said Wednesday that some in Virginia “never treated his $6 billion company with the respect it deserved, but D.C. did.” Martz noted Democratic leaders, including those who supported the Monumental project, say that the “blame rests squarely with Youngkin,” whom they say that “failed to include the legislature early in the process.” Martz noted Leonsis was talking to Bowser and other D.C. leaders “about staying in Washington -- with Youngkin’s knowledge and permission.” The District had “already made clear that it intended to go to court to enforce the terms of its lease with Monumental." But State House Appropriations Chair Luke Torian said that the teams’ potential legal obligation to the city and Leonsis’ ongoing talks with D.C. leaders “vindicated” Senate Finance Chair Louise Lucas’ “concerns about Virginia being stuck with the responsibility for repaying the bonds if Monumental changed its plans in the future” (RICHMOND TIMES-DISPATCH, 3/29).
PREPARATION IS KEY: In D.C., Thom Loverro wrote Leonsis’ “lack of preparation” for the political fight for his arena project in Virginia, a “notoriously politically volatile state, was stunning.” He got “suckered” by his old Carlyle Group buddy, Youngkin, who “must have assured Leonsis that the money from a Democratic Legislature would be there when he needed it -- a marriage of supreme arrogance.” The vision Leonsis had of a new $2B arena and entertainment center to “propel his wish to take Monumental Sports public blinded him” (WASHINGTON TIMES, 3/28).
