Monumental Sports & Entertainment (MSE), the cross-sport club ownership group focused on the Washington D.C. area, has agreed a 20-year arena naming rights extension with financial services company Capital One.
Under the renewed deal, the Washington D.C. venue, home to the Washington Wizards NBA basketball franchise and the Washington Capitals of ice hockey’s NHL, will continue to be known as Capital One Arena through 2047.
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The bank, which is headquartered in nearby Tysons, Virginia, has held naming rights since 2017.
The extension was struck with the arena currently undergoing a major renovation that will be completed in time for the start of the 2027-28 NBA and NHL seasons.
Jim Van Stone, president of business operations and chief commercial officer at MSE, said: “Washington is entering an extraordinary new era, and the completely reimagined Capital One Arena will reflect the ambition, energy, and global stature of the city it represents.
“We're creating an experience in the heart of the nation's capital that connects fans everywhere. We're excited to partner with Capital One to bring this vision to life in the decades to come.”
The Capital One Arena has entered the halfway point on a three-year, $1 billion-plus refurbishment.
It was announced in 2024 that the arena would undergo an overhaul after an agreement was reached with local politicians to renovate the venue, a move that will see the Wizards and Capitals remain in the city through 2050.
The District of Columbia has committed to $500 million of funding to renovate the arena and has also approved the expansion of Monumental commercial and business offerings in the adjacent Gallery Place shopping center, with 200,000 square feet of new space.
Renovations to the arena will be centered on improving seating and hospitality offerings, modernization and digital infrastructure enhancements, and increasing the potential for fan engagement.
Ted Leonsis, founder, chair, and chief executive of MSE, had planned to take the Capitals and Wizards out of D.C. to a prospective new mixed-use development in Alexandria, Virginia, which borders the District of Columbia.
A public funding deal for that development, however, was rejected in court in Virginia, and hours after the mayor of Alexandria had announced an end to the proposal, D.C. mayor Muriel Bowser unveiled that the Wizards and Capitals teams will remain in D.C.
Leonsis and MSE purchased the arena in 2010 alongside his purchase of the Wizards following the death of Abe Pollin, who owned both the NBA team and the venue. Leonsis had previously purchased full ownership of the Capitals in 1999 and held a 44% stake in Pollin’s holdings prior to the Wizards purchase.
Along with the $500 million in public funding, Monumental will provide $15 million to improve access between the Capital One Arena and Gallery Place shopping center, as well as $300 million to add a new training center for the team on the top floor of Gallery Place.
MSE owns six other teams, including the Washington Mystics women’s basketball team and the Capital City Go-go, who play in the NBA’s developmental affiliate competition the G League.
Both the Mystics and the Go-Go will now be able to play as many as four regular season games per year, and all home playoff games, at the Capital One Arena too.
The partnership with Capital One extends across MSE's integrated sports, entertainment and media platform, including the Capitals, Wizards, Mystics and Monumental Sports Network (MNMT).
As part of the agreement, Capital One cardholders will receive exclusive access, benefits, and experiences at Capital One Arena, including a new dedicated cardholder entrance open for all events at the arena, and special discounts throughout the venue.
