After exploring the possibility of relocation to Virginia, the Wizards and Capitals will be staying in Washington until 2050.

Washington mayor Muriel E. Bowser and Ted Leonsis, who owns both franchises, signed a deal on Wednesday that would keep the Wizards and Capitals in town as long as the D.C. Council approves it.

Per the deal, the city will put $515 million into Capital One Arena — the home of both the Wizards and Capitals — over the next three years. Because of those renovations, Leonsis will sign a new lease that runs from 2025-50.

“We are the current home and the future home of the Washington Capitals and Washington Wizards,” Bowser said. “As Ted likes to say, we’re going to be together for a long time.”

Leonsis’ company, Monumental Sports & Entertainment, will also have the ability to expand throughout the city under the new deal.

Just three months ago, Leonsis had a handshake agreement with Virginia Gov. Glenn Youngkin (R) in place for the construction of a new arena in Alexandria, Va. It would have been built in the Potomac Yard neighborhood of town as part of a $2.2 billion mixed-use development.

But Bowser and the DC Council then made moves that caught Leonsis’ eye, including the passage of a new crime bill and a plan to make downtown more vibrant, causing the owner to switch gears.

“It’s a great day, and I’m really relieved,” Leonsis said Wednesday. “This was not only the right thing for the community, the right thing for the city, the right thing for us, it’s a really smart business deal.”