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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.

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

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Washington, D.C. Mayor Muriel Bowser has proposed legislation to purchase Capital One Arena for $87.5 million.