page_title: Washington Capitals
section_title: Disappointments and rebuilding (1998–2004)
hierarchical_section_title: Washington Capitals / History / Disappointments and rebuilding (1998–2004)
caption_attribution_description: The Verizon Center in the Chinatown neighborhood of Washington, D.C.
context_page_description: The Washington Capitals are a professional ice hockey team based in Washington, D.C. They compete in the National Hockey League as a member of the Metropolitan Division of the Eastern Conference. The Capitals are owned by Monumental Sports & Entertainment, headed by Ted Leonsis. From 1974 to 1997 the Capitals played their home games at the Capital Centre, in Landover, Maryland. In 1997 the team moved to the arena now called Capital One Arena, their present home arena in Washington, D.C.
  The Capitals were founded in 1974 as an expansion franchise, alongside the Kansas City Scouts. Since purchasing the team in 1999, Leonsis revitalized the franchise by drafting star players such as Alexander Ovechkin, Nicklas Backstrom, John Carlson and Braden Holtby. The 2009–10 Capitals won the franchise's first Presidents' Trophy for being the team with the most points at the end of the regular season. They won it a second time in 2015–16, and did so for a third time the following season in 2016–17. In addition to 12 division titles and three Presidents' Trophies, the Capitals have reached the Stanley Cup Finals in 1998 and 2018, winning in the latter.
context_section_description: After their 1998 championship run, the Capitals finished the 1998–99 season with a record of 31-45-6 and failed to qualify for the playoffs. During the season, the team was sold to a group headed by AOL executive Ted Leonsis. The Capitals went on to win back-to-back Southeast Division titles in 2000 and 2001, yet both years lost in the first round of the playoffs to the Penguins. After the 2000–01 season, Adam Oates demanded a trade but management refused and stripped him of his team captaincy.
  In the summer of 2001, the Capitals landed five-time Art Ross Trophy winner Jaromir Jagr, by trading three young prospects to the Pittsburgh Penguins. Jagr was signed to the largest contract ever in NHL history – $77 million over seven years at an average salary of $11 million per year (over $134,000 per game), with an option for an eighth year. However, after Adam Oates was traded to the Philadelphia Flyers, the Capitals failed to defend their division title and missed the playoffs in 2002 despite a winning record. Still, the 2001–02 season marked the highest attendance in franchise history, drawing in 710,990 fans and 17,341 per game.
  Before the 2002–03 season, the Caps made more roster changes, including the signing of highly regarded Robert Lang as a free agent, a linemate of Jagr's from Pittsburgh. Washington returned to the playoffs in 2003, but disappointed fans again by losing in six games to the Tampa Bay Lightning after starting off with a two-game lead in the best-of-seven first-round series. The series is well-remembered for the three-overtime Game 6 at the then–MCI Center. At the time it was the longest game in the building's history and was eventually decided by a power-play goal by Tampa Bay.
  In the 2003–04 season, the Caps unloaded much of their high-priced talent – not just a cost-cutting spree, but also an acknowledgment that their attempt to build a contender with high-priced veteran talent had failed. Jagr had never lived up to expectations during his time with the Capitals, failing to finish among the league's top scorers or make the post-season All-Star Team. The Caps tried to trade Jagr, but as only one year was left on the existing NHL Collective Bargaining Agreement (CBA) before it expired, few teams were willing to risk $11 million on an underperforming player. In 2004, Jagr was finally sent to the New York Rangers in exchange for Anson Carter and an agreement that Washington would pay approximately $4 million per year of Jagr's salary, with Jagr himself agreeing to defer (with interest) $1 million per year for the remainder of his contract to allow the trade to go ahead. This was quickly followed by Peter Bondra departing for the Ottawa Senators. Not long after, Robert Lang was sent to the Detroit Red Wings, as well as Sergei Gonchar to the Boston Bruins. The Lang trade marked the first time in the history of the NHL that the league's leading scorer was traded in the middle of the season. The Capitals ended the year 23–46–10–3, tied for the second-worst record, along with the Chicago Blackhawks.
caption: The Capitals moved into the now Capital One Arena in 1997.
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