Washington's Verizon Center will become Capital One Arena

The Verizon Center is decorated with T-shirts on the seats before Game 3 in the first round of the NBA basketball playoffs between the Washington Wizards and the Toronto Raptors, Friday, April 24, 2015, in Washington. (AP Photo/Alex Brandon)

WASHINGTON (AP) -- The downtown home of the NBA's Wizards and NHL's Capitals now will be called Capital One Arena.

Owner Ted Leonsis will announce Wednesday the change from Verizon Center, along with an investment of $40 million in the arena. Leonsis' Monumental Sports & Entertainment is not disclosing the financial terms or length of the new naming-rights agreement.

It goes into effect immediately, with new signage by the fall.

The 20,500-seat arena located in Washington's Chinatown neighborhood was built by late Wizards owner Abe Pollin and opened in in 1997. It was previously known as MCI Center before Verizon bought MCI in 2006.

Capital One founder, chairman and CEO Richard Fairbank is a minority owner of Monumental Sports & Entertainment. A Monumental official said Fairbank recused himself from the negotiations.

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