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.’s proposed plan to buy and help fund renovations at Capital One Arena could help revitalize the surrounding Chinatown and Gallery Place neighborhoods, according to a professor of finance at the University of Maryland.

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.