Ted Leonsis, owner of the Washington Wizards and Washington Capitals, is preparing to move both of his franchises to a proposed new arena complex in Northern Virginia, sources told ESPN's Adrian Wojnarowski.

The plan is reportedly expected to be unveiled at a press conference with Virginia Gov. Glenn Youngkin on Wednesday in Alexandria, where the two teams would move to. Both franchises have played at Capital One Arena in Washington, D.C., since 1997.

Virginia lawmakers voted on Monday to approve the project to construct a new arena, according to the Washington Post. The proposed plan still requires a final vote from the state's full general assembly.

Washington, D.C. Mayor Muriel Bowser announced legislation on Tuesday that would "support a complete renovation and modernization of the Capital One Arena," according to Michael Brice-Saddler of the Washington Post. The legislation includes providing $500 million of the $800 million required for renovations over three years beginning in 2024, and it has the backing of city council.

"This proposal represents our best and final offer and is the next step in partnering with Monumental Sports to breathe new life and vibrancy into the neighborhood and to keep the Washington Wizards and the Washington Capitals where they belong - in Washington, D.C.," said Bowser.

Leonsis can exit the lease for Capital One Arena in 2027.

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