The Verizon Center, home of the Washington Wizards and Capitals, is having its name changed to Capital One Arena, Monumental Sports and Entertainment announced on Wednesday.
The arena will be renamed immediately, with the full signage and branding shift expected to take place in the fall.
According to the YouTube video which announced the name change, a $40 million investment of upgrades will be made to coincide with the name change. The venue also hosts games for Georgetown basketball, the Washington Mystics and Arena Football League’s Washington Valor, as well as a plethora of concerts.
Ted Leonsis, CEO of MSE and majority owner of the Wizards, Capitals, Mystics and Valor, said in a statement regarding the move: “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…