Washington Capitals owner Ted Leonsis offered a closer look at the ongoing transformation of Capital One Arena, a six-phase, $800 million renovation set to wrap up by fall 2027.Ted Leonsis, worth $3.1 billion (Forbes), is the founder and CEO of Monumental Sports & Entertainment, which owns the Capitals, Wizards and Mystics. In an interview with CNBC on Tuesday, Leonsis emphasized the importance of revitalizing the nearly 28-year-old arena."I think it's very, very important for our cities to be fully developed economically and we have to get people back into the office," Leonsis said."We have to keep businesses flowing and we're a portal. We can bring in three million people a year … I think sports teams now have become this massive meeting and gathering place."The DC Council approved $515 million to help revamp the arena’s exterior, including plans for a new “People’s Plaza” — a spacious outdoor area designed for fans to gather year-round.Every entrance to the arena is set for an upgrade. With plans in place to add a long-awaited statue of Capitals captain Alex Ovechkin near one of them. Leonsis stressed that the renovation goes beyond fan experience — it's also about enhancing the space for players and staff."We also have to do it for the players. We also have to do it for our employees. These have become big businesses," he said.Leonsis pointed to the COVID-19 pandemic as a key reason behind the push to refresh the arena for both fans and players. Despite the high cost to DC taxpayers, Leonsis believes the renovation project is an important investment in the city's economic development and the future of sports and entertainment in the nation's capital.Ted Leonsis "never" takes players for grantedTed Leonsis has emphasized the importance of never taking players for granted in the world of professional sports. Leonsis acknowledges that the popularity of the game, saying:“We should never take the popularity of the game and competition and the players for granted. We’re lucky in that there’s something about sports that people crave. It’s not just the competitiveness.”Leonsis believes sports unite people — a sense of community deeply missed during the pandemic. When games returned, teams saw record support as fans craved shared moments and connection.Capital One Arena is also undergoing major interior upgrades. It includes concourses, suites, locker rooms and concessions. The renderings were unveiled in December following the project’s approval by Ted Leonsis and Mayor Bowser.