The Verizon Center is becoming the Capital One Arena, starting now.

As Thom Loverro of sister station 106.7 The Fan confirmed on August 2, Capital One landed the lucrative deal with Monumental Sports and Entertainment to be the new naming rights sponsor.

Monumental announced the change Wednesday morning. The venue will undergo a signage and branding makeover with $40 million investment in upgrades this fall.

When the building first opened in 1997, it did so under the name MCI Center, but when MCI dissolved into Verizon Communications in 2006, the name changed accordingly.

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