The former Verizon Center has a new identity, as it is now known as Capital One Arena. The new name, which was announced by Monumental Sports and Entertainment (MSE) and Capital One on Wednesday, will take effect immediately.
Financial terms were not disclosed in the announcement, but The Washington Post has reported some details:
Financial details were not released, but the deal is worth $100 million over 10 years, according to a source familiar with the arrangement, who confirmed an earlier Bloomberg report. That’s believed to be a significant jump over what Monumental received per year from the previous deal.
First opening in 1997, Capital One Arena is the home of the Washington Wizards (NBA) and Washington Capitals (NHL). It originally debuted as the MCI Center, before becoming the Verizon Center in 2006. The Capital One Arena name will take effect immediately, with the full signage and branding shift to occur in fall 2017.
“Capital One is one of the most influential local businesses in our region over the last two decades, so we couldn’t be more pleased to partner with another homegrown company to create more incredible memories for sports fans, music fans, families and friends all across our region,” said Ted Leonsis, Founder, Majority Owner and CEO of Monumental Sports and Entertainment. “Capital One shares our deep commitment to both economic and philanthropic investment in the larger Washington, D.C. community and we look forward to working closely with them. We are also proud today to be announcing a significant investment by Monumental Sports and Entertainment to continue improving the arena experience for every fan who comes through our doors. We want every fan’s experience at Capital One Arena to be monumental.”
“As a top local employer and major consumer brand, Capital One has deep roots in Washington, D.C. and we are excited to strengthen our contributions to the sports and entertainment landscape in our own backyard,” said Kleber Santos, President, Retail and Direct Banking, Capital One. “Monumental Sports and Entertainment shares our commitment to strengthening the economic and social well-being of the local community, and we are thrilled to partner with them on Capital One Arena. Our collaboration will be great for the D.C. community, the fans who come to support their teams, the talent and events at the arena, and exceptional for our customers who will benefit from our ability to offer access to unique opportunities and experiences at the arena that money can’t buy.”
“Capital One Arena is the premiere 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,” said Jim Van Stone, President, Business Operations, Monumental Sports and Entertainment. “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 also announced a separate $40 million investment in Capital One Arena. That is expected to include investment in the Monumental360 program, along with a new point-of-sale system. The point-of-sale system will also allow MSE to provide Capital One cardholders with automated discounts on food, beverage, merchandise, and other purchases.
Along with the Wizards and Capitals, Capital One Arena is also presently home to the Washington Mystics (WNBA), Washington Valor (Arena Football League), and Georgetown men’s basketball.
