“A big win,” is a phrase not often associated with the Washington Wizards.

But that’s exactly what the basketball franchise could’ve been for Virginia, the state’s Republican governor told reporters Thursday, after the state Legislature dropped language from its compromise budget that would’ve enabled the Wizards and the NHL’s Washington Capitals to relocate to Alexandria from their current home in the nation’s capital.

“I believe that the Senate is about to make a colossal mistake,” Gov. Glenn Youngkin said during a press conference outside the Virginia Capitol in Richmond.

The proposal would’ve brought 30,000 jobs and generated $12 billion in revenue, Youngkin argued, and passing on it would be “a clear signal that opportunities to welcome new investment and jobs. … will not be evaluated on their merit, but instead will be viewed through the lens of partisan parochial interests.”

The plan caused a stir in Washington when Youngkin and Monumental Sports & Entertainment CEO Ted Leonsis announced they had reached a tentative agreement to relocate the two sports franchises to a new arena in the commonwealth in December.

D.C. leaders tried to head off the move, offering $500 million to renovate the teams’ current home and the surrounding area at the eleventh hour. In February, D.C. Mayor Muriel Bowser published an op-ed in The Washington Post expounding on the argument that the teams should stay in the District.

D.C.’s offer remains on the table, Council Chair Phil Mendelson said Thursday afternoon.

“As a deal in Virginia remains uncertain, the Council continues to be ready to welcome Monumental Sports’ change of mind,” Mendelson said in a statement.

To move forward, Youngkin needed the green light from Virginia’s General Assembly, where Democrats hold majorities in both chambers. The state House approved the setup, but state Sen. L. Louise Lucas, as chair of the state Senate Finance and Appropriations Committee, served as a powerful roadblock.

Lawmakers’ decision to scrap the $2 billion development, which would’ve relied on money from Monumental, the city and $1.5 billion in state-issued bonds, doesn’t take it off the table entirely. Youngkin could add it back in through an amendment.

But it does deliver a blow to the governor, for whom the project is a top priority.