Va. Gov. Youngkin arrived like a GOP star, but arena failure clouds legacy

RICHMOND — No Virginia governor has come into office with a deeper dealmaking background than Glenn Youngkin, who as former co-chief executive of the Carlyle Group made a fortune acquiring and merging companies around the globe.

But as the Republican chief executive of a purple state, Youngkin has struggled to translate that business acumen into political success — or even economic development success, with the demise Wednesday of his much-touted plan to bring the Washington Wizards and Capitals to Alexandria.

While Youngkin and his group of financial experts had negotiated with team owner Ted Leonsis to cut what the governor called “the single largest economic development deal in Virginia’s history,” the governor was never able to work the same magic with members of the General Assembly who had to sign off on the $2 billion project.

The plan’s failure wipes out a significant legacy-making opportunity for a novice politician who burst onto the scene in 2021 and drew national attention as a fresh Republican face. In his first two years in office, Youngkin enjoyed state coffers overflowing with federal pandemic relief funds and a friendly GOP-controlled House of Delegates. But as the clock winds down on his four-year term, the governor has lost the legislature to Democrats and seen his priorities slip away.

“He’s a total lame duck right now,” said Robert Holsworth, a Richmond political analyst who has studied Virginia governors for decades. “He has shown tremendous political inexperience.”