Starting today, the Verizon Center is no more, after Capital One bought the naming rights. (Photo via YouTube)

The Verizon Center is no more. Well, the building is still there. But it is now called the Capital One Arena, effective immediately.

Monumental Sports & Entertainment announced today that it has entered into a new naming rights partnership with the bank, which is already a long-standing sponsor of a number of their teams.

“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 Monumental CEO Ted Leonsis in a release.

The arena opened in 1997 as the MCI Center. Nine years later, after the telecom company was purchased, it became the Verizon Center.

The likelihood of a name change for the Gallery Place arena—which plays host to the Capitals, Wizards, Mystics (until a new facility is completed at St. Elizabeths), the Washington Valor, and mega concerts—has been rumored for years. Monumental Sports was hoping to get $7 million per year and a deal that lasted between 10-15 years, sources told the Washington Business Journal in 2015. The outlet reported today, citing a person familiar with the details, that the Capital One deal is valued at about $100 million over 10 years.

Domain Name Wire noticed earlier this month that Capital One had registered a series of domain names that strongly suggested it was about to come into the naming rights for the Gallery Place arena. If anyone put a bet down, it paid off.

“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, the president of retail and direct banking at Capital One.

With the future of the RFK site in Southeast still very much uncertain, Leonsis hasn’t exactly committed to staying put at the arena. Still, Monumental separately announced a $40 million investment in the facility today, some of it for technological upgrades.

Now for a theme song …

Filed Under: capital one, capital one arena, gallery place, ted leonsis, verizon center,