News is learning that a major announcement is expected Monday about the ownership of Capital One Arena in D.C.'s Chinatown neighborhood.

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.

Monumental Sports & Entertainment and Washington, D.C,. mayor Muriel Bowser announced that they will formally propose legislation to fund the renovation of Capital One Arena, the home of the Washington Wizards and Capitals.