WASHINGTON - The Verizon Center is getting a new name. The home of the Capitals and Wizards, and a major concert stop for touring artists from around the world, is changing its name to the Capital One Arena.
Monumental Sports and Entertainment released a YouTube video announcing the change on Tuesday.
The video titled, 'Welcome to Capital One Arena' says that a $40 million investment in upgrades will be made along with the name change.
"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," said CEO of Monumental Sports and Entertainment, Ted Leonsis in a statement.
In addition to the Wizards and Capitals, the arena is the home field for the Georgetown University men's basketball team, the WNBA's Washington Mystics and the Arena Football League franchise, the Washington Valor.
The arena originally opened as the MCI Center in 1997. It became the Verizon Center in 2006.The arena originally opened as the MCI Center in 1997. It became the Verizon Center in 2006.