WASHINGTON (DC News Now) — Virginia state lawmakers voted in favor of bringing the Washington Capitals and Wizards out of D.C. and into a new arena in Northern Virginia, according to the Washington Post.

The plan still requires approval from the full General Assembly and local officials.

The two teams are owned by Monumental Sports & Entertainment, a D.C.-based sports company led by CEO Ted Leonsis. They’ve both been playing at the Capital One Arena in Gallery Place since 1997.

The deal would move the Capitals and the Wizards to a new facility in Alexandria’s Potomac Yard neighborhood, according to the Washington Post piece.

The Post’s informants on the matter said Monumental would put hundreds of millions of dollars into the project if the deal goes forward, though the company has not definitively said whether it would move the two teams into Virginia.

The deal would not only be a major shift for the teams, which have spent decades in the District, but a major economic win for Virginia Gov. Glenn Youngkin (R), who’s needed a victory after his party’s losses in November’s state elections, the Post added.

Though this shift would be a major win for Alexandria, it could prove to be a blow to D.C.’s Downtown. District officials have been negotiating with Monumental for months about renovating the Capital One Arena.

“Mayor Bowser and Chairman Mendelson have worked together closely, and in lockstep, to put forward a strong proposal to Monumental Sports, and after several months of negotiations, we are committed to seeing this through as a vital component of DC’s Comeback,” the Mayor’s Office said to DC News Now in a statement Monday.

Opened in 1997 as the MCI Center, the Capital One Arena is one of the older venues in the NHL and NBA, the Washington Post reported. Early last month, Monumental asked D.C. for $600 million in public funding to renovate the arena.

The article by the Washington Post said it is unclear when the deal with Virginia would be announced – if that is, it even gets the green light.

“The state’s Major Economic Investment (MEI) Project Approval Commission, which is made up of a dozen state lawmakers, is expected to consider the proposal when it meets Monday afternoon, according to three people with knowledge of the plans,” the Washington Post reported.