Under the proposal, the city, which already owns the land under the arena, would buy the building for $87.5 million.

D.C. Mayor Muriel Bowser has proposed legislation to buy Capital One Arena for $87.5 million after months of negotiations to keep the Washington Capitals and Wizards playing in the District. The $87.5 million is part of a $515 million deal to transform the downtown arena and the Gallery Place complex next door and keep the teams in D.

D.C. Mayor Muriel Bowser has submitted a new bill to the D.C. Council to transfer ownership of Capital One Arena, home of the Washington Capitals and Wizards, to the city, WTOP has learned.