From the Washington Post, where you can read the full story:

Washington’s downtown sports arena is changing names, effective immediately. Monumental Sports and Entertainment will make the switch official on Wednesday, announcing that Verizon Center will now be known as Capital One Arena. The signage and branding makeover will happen this fall, but there’s already a new logo and a third name for the Chinatown venue, which opened as the MCI Center in the winter of 1997.

The previous 20-year naming rights arrangement was negotiated by former Wizards and Capitals owner Abe Pollin, and current owner Ted Leonsis has said repeatedly that he was seeking a more team-friendly deal. The Verizon deal was set to expire in 2018, but Capital One’s involvement accelerated the schedule.

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.

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