Washington, DC’s economy could be revived by boosting investment in sports venues and programs to draw more visitors to the city, two major investors in team franchises told Semafor World Economy on Monday.

“I think this mayor has done a really smart job in saying, ‘I need to diversify our economy into something for the coming decades,’” sports investor and venture capitalist Mark Ein said, praising DC Mayor Muriel Bowser for supporting sports investments.

Ein, who is a limited partner in the Washington Commanders, pointed to the ongoing renovation of the city’s RFK stadium site for the NFL team that is expected to be completed by 2030, as an example of what could be successful in helping to revive the local economy.

“These investments are going to continue to pay off,” Ein added, saying the mayor was right to bet on “tourism, sports and entertainment, which plays off one of Washington’s greatest strengths.”

Speaking on a panel with Ein, Ted Leonsis, CEO of Monumental Sports & Entertainment, also emphasized the need to work with local leaders to help bolster the city’s recovery. ​“If we don’t have a thriving metro area, thriving downtown, none of this happens,” Leonsis said.

In the fourth quarter of last year, Washington’s economic output contracted by 8.3% on an annual basis compared with the third quarter. The huge drop has partly been attributed to massive government job cuts in the city under the Trump administration.

​Leonsis’ company is launching an $800-million renovation of Capital One Arena, home to the NBA’s Washington Wizards and NHL’s Washington Capitals, including $515 million from the city.