Verizon Center is now known as Capital One Arena

Starting this Tuesday, the Verizon Center is now known as the Capital One Arena. Along with a name change, there will also be a $40 million investment in upgrades that will be made to the building. With a new point-of-sale system planned, Capital One cardholders will also soon be given discounts on food, beverages, and merchandise.

Washington Business Journal reported that the naming rights deal is valued at approximately $100 million over 10 years. The full signage and branding will occur this fall.

When the venue first opened in 1997, it was known as the MCI Center. It later became known as the Verizon Center in 2006, according to Fox 5.

In a statement, CEO of Monumental Sports and Entertainment Ted Leonsis said, “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.”

The arena is home to the Washington Wizards, Washington Capitals, Washington Mystics, as well as the Georgetown University men's basketball team and the Arena Football League franchise, the Washington Valor.

• Verizon Center officially has a new name — starting today [Washington Business Journal]

• DC's Verizon Center to be renamed Capital One Arena [Fox 5]

• Verizon Center may be renamed Capital One Center [Curbed DC]

• What readers think the Verizon Center should be named [Curbed DC]