Governor Youngkin Expresses Disappointment Over Lost Monumental Sports & Entertainment Deal

Governor Glenn Youngkin issued a statement expressing his disappointment in the failed Monumental Sports & Entertainment Economic Development Project. This ambitious initiative promised to bring a wave of economic benefits to Virginia, including the creation of 30,000 jobs and an estimated $12 billion in economic activity.

Labeling the project a “transformational” opportunity, Governor Youngkin lamented its collapse, attributing the failure to the General Assembly’s inability to seize what he described as a significant opportunity for the Commonwealth. According to Youngkin, the project required no upfront general fund money or new tax increases. Yet, it stood to generate a considerable number of jobs and revenue for the state.

Governor Youngkin extended his thanks to Ted Leonsis and the entire Monumental team, along with the City of Alexandria, JBG Smith, and other partners, for their professionalism and commitment to Virginia. Despite their efforts, the project will not move forward in Virginia, a development that Youngkin deeply regrets. The Governor’s statement highlights the potential impact of personal and political agendas on economic development and expresses a missed opportunity to enhance the state’s investment and job creation landscape.

“Virginians deserve better. A one-of-a-kind project bringing world-class athletes and entertainment, creating 30,000 jobs and $12 billion in economic activity just went up in smoke. This transformational project would have driven investment to every corner of the Commonwealth. This should have been our deal and our opportunity, all the General Assembly had to do was say: ‘thank you, Monumental, for wanting to come to Virginia and create $12 billion of economic investment, let’s work it out.’ But no, personal and political agendas drove away 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. I’d like to thank Ted Leonsis and the Monumental team, the City of Alexandria, JBG Smith and countless other partners for their professionalism, belief in Virginia and fortitude. Congratulations to Monumental for striking a great deal, I’m sorry you won’t be in Virginia,” said Governor Glenn Youngkin