WASHINGTON (WUSA9) -- Verizon won't renew its deal to retain naming rights to the Verizon Center in downtown Washington, according to a report from Sports Business Journal.
In an email to SBJ, Monumental Spots & Entertainment CRO Jim Van Stone says the company is the beginning stages of finding a new partner to take up naming rights for the arena.
Verizon's naming rights deal for the arena expires in 2018. Before becoming the Verizon Center, the area was named the MCI Center until 2006.
Monumental is hoping to get a 10 to 15 year deal valued at around $7 million per year for the naming rights, sources tell SBJ.
The arena is home to the Washington Capitals, Wizards, Mystics and Georgetown Hoyas, and also hosts multiple concerts and events throughout the year.
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