Financial services company Capital One has been unveiled as the new naming-rights sponsor of Verizon Center, the home of NHL ice hockey franchise the Washington Capitals and NBA basketball team the Washington Wizards.
Under the agreement, the facility will be known as the Capital One Arena with immediate effect.
Terms of the deal were not disclosed, but the Bloomberg news agency, citing sources familiar with the contract, said it would be worth $100m (€85.2m) over 10 years.
Capital One struck the agreement with Monumental Sports and Entertainment, which owns the arena and operates the Capitals and the Wizards. The 20,000-capacity facility also serves as the home of Women’s NBA team Washington Mystics and Arena Football League side Washington Valor.
Capital One replaces telecommunications company Verizon as the venue’s naming-rights partner. Verizon took on rights to the arena in 2006 and its contract had been due to expire next year. The full signage and branding shift from Verizon to Capital One will occur later this year.
“Capital One Arena is the premier destination for sports and entertainment in the greater Washington region from Richmond to Baltimore and we have some of the biggest tours and events in the world coming through our doors over the next year,” Jim Van Stone, president of business operations at MSE, said.
“Our partnership with Capital One is a reminder that Washington, D.C. is one of the most dynamic and attractive markets to do business in the country, offering a platform for global influence that can't be matched by any other market in the US.”
MSE has also announced a separate $40m investment into the arena. The investment will continue to provide the arena with cutting-edge technology to enhance the fan experience.
In addition, MSE plans on introducing a new point of sale system that will provide faster lines and additional payment options for supporters attending games at the facility.