D.C.’s Verizon Center becomes Capital One Arena

Washington D.C.’s Verizon Center has a new name: Capital One Arena. The name change is effective immediately. Monumental Sports and Entertainment (MSE) and Capital One announced the naming rights partnership Wednesday.

The naming rights deal is worth $100 million over 10 years according to the Washington Business Journal. MSE also plans to provide $40 million in upgrades to the arena.

Home to the several professional teams including the WNBA’s Washington Mystics, the arena hosts over 220 events a year. The Mystics are expected to move into a new home in Southeast D.C. sometime next year. The new facility will also serve as a practice facility for the NBA Washington Wizards.