Home To NBA’s Wizards, NHL’s Capitals Gets Capital One Name In $100M Deal
Wednesday, August 9, 2017 at 01:34PM
NYSportsJournalism.com in Capital One, Finances, Monumental Sports, Washington Capitals, Washington Wizards, finances, naming rights

By Barry Janoff

August 9, 2017: The NBA’s Washington Wizards and NHL’s Capitals are now part of the answer to the question, What’s in your wallet?

Monumental Sports and Entertainment, which owns the Wizards, Capitals, WNBA Mystics and AFL Valor, has signed a deal that gives Capital One naming rights to the arena in which they all play, which also is owned by MSE.

The venue in downtown Washington D.C., known as the Verizon Center since 2006, will "effective immediately" become the Capital One Arena, according to MSE, with full signage and re-branding scheduled for the fall.

Financial terms of the naming rights deal were not share. The value was put at $100 million over ten years, according to industry analysts.

Capital One, headquartered in McLean, Va., already is a major player in sports, including being a corporate partner with the NCAA.

"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," Ted Leonsis, founder, majority owner and CEO for Monumental Sports and Entertainment, said in a statement.

"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."

MSE unveiled a promo spot to support the deal, and said that a multi-media campaign would follow later in the year.

In conjunction with the naming rights deal, MSE also unveiled an ndependent $40 million investment in Capital One Arena intended to "continue to push the envelope by employing cutting edge technology to benefit our fans."

According to MSE, the DowntownDC Business Improvement District said the arena has been responsible for redevelopment estimated at $9.2 billion within a seven-block radius and has created more than 58,400 jobs since it broke ground in October 1995.

The venue opened in 1997 as the MCI Center, a company that later was acquired by Verizon.

In the coming months, Capital One Arena is scheduled to host such concerts as Bruno Mars, Ed Sheeran, Guns n’ Roses, Andrea Boccelli and Jay-Z.

MSE said the arena has three million guests and more than 220 events annually.

The venue has been named to host the A-10 men’s basketball tournament in March 2018 and the East regionals of the 2019 NCAA men’s basketball tournament.

In addition to the Wizards and Capitals, it also is home to the Georgetown University men’s basketball team.

The Mystics will continue to play there until their new arena opens in Washington D.C.'s Ward 8, scheduled for 2018. It also will be used as a practice facility for the Wizards.

According to Kleber Santos, president, retail and direct banking for Capital One. "Monumental Sports and Entertainment shares our commitment to strengthening the economic and social well-being of the local community, and we are thrilled to partner with them on Capital One Arena.

"Our collaboration will be great for the D.C. community, the fans who come to support their teams, the talent and events at the arena, and exceptional for our customers who will benefit from our ability to offer access to unique opportunities and experiences at the arena that money can’t buy," said Santos.

Capital One this month purchased a building at 3150 M Street NW on the corner of Wisconsin for a reported $50.2 million from Sagamore Development, a real estate firm owned by Under Armour. founder and CEO Kevin Plank. Real estate analysts in the area said the building was being considered as a site for an Under Armour retail store until its sale to Capital One.

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