The Washington Post’s Dan Steinberg reports that Verizon Center is now Capital One Arena, and that Monumental Sports and Entertainment has finalized naming-rights negotiations for the arena.

Leonsis discussed the naming rights on a podcast last month, emphasizing that the next deal should be more lucrative for his company. Steinberg’s report says Monumental will also announce $40 million of investments into the 20-year-old building.

Monumental is also announcing a $40 million investment into the arena. And Cap One card holders are likely to get some discounts inside

— Dan Steinberg (@dcsportsbog) August 9, 2017

Update, 8:30 AM: Monumental Sports and Entertainment has confirmed the news and published this video, narrated by PA announcer Wes Johnson.

More from MSE:

Monumental Sports and Entertainment (MSE) and Capital One today announced that Capital One will become the new naming rights partner for the arena in downtown Washington, which hosts over 220 concerts, shows and events a year, including the Washington Capitals, Washington Mystics, Washington Valor, Washington Wizards and Georgetown men’s basketball. The partnership of these two prominent local companies underscores their deep commitment to the continued economic growth and development of Washington, D.C. where they are both headquartered, and where Monumental employs 4,000 full and part-time employees and vendors. It also reinforces the unique position that Washington, D.C. holds and the role the D.C. market plays as a center for global influence and a platform for business-to-business and business-to-government connections, offering opportunities that can’t be replicated anywhere else. The arena will be called Capital One Arena beginning immediately, with the full signage and branding shift to occur in fall 2017.

“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,” said Ted Leonsis, Founder, Majority Owner and CEO of Monumental Sports and Entertainment. “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. We are also proud today to be announcing a significant investment by Monumental Sports and Entertainment to continue improving the arena experience for every fan who comes through our doors. We want every fan’s experience at Capital One Arena to be monumental.”

“As a top local employer and major consumer brand, Capital One has deep roots in Washington, D.C. and we are excited to strengthen our contributions to the sports and entertainment landscape in our own backyard,” said Kleber Santos, President, Retail and Direct Banking, 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.”

“Capital One Arena is the premiere destination for sports and entertainment in the greater Washington region from Richmond to Baltimore and we have some of the biggest tours and events in the world coming through our doors over the next year,” said Jim Van Stone, President, Business Operations, Monumental Sports and Entertainment. “Our partnership with Capital One is a reminder that Washington, D.C. is one of the most dynamic and attractive markets to do business in the country, offering a platform for global influence that can’t be matched by any other market in the US.”

As part of its continued commitment to provide the best fan experience in the country, Monumental Sports and Entertainment today also announces a separate, independent $40 million investment in Capital One Arena. Capital One Arena is one of the few privately-owned arenas in the country, and throughout its ownership, MSE has made over $100 million in investments to ensure the arena remains a best-in-class facility. The announcement today of this new investment is a further down payment on that commitment.

This partnership is also the joining of two companies who count philanthropic investment and community work as one of their core corporate values. The Monumental Sports and Entertainment Foundation donated more than $775,000 to local charities during the 2016-2017 season. Players, coaches and their spouses, along with MSE front office staff and fans, volunteered time and money throughout the Washington, D.C. community through our programming and charitable partners. MSE adopted 34 local families for the holidays, providing them with clothing, electronics, toys, books and gift cards. MSE staff alone volunteered more than 1,100 hours during the 2016-2017 season with partnering organizations D.C. Central Kitchen, Capital Area Food Bank, Everybody Wins! DC, Martha’s Table, Fort Dupont, Playworks DC and Anacostia Waterfront Trust. Capital One shares MSE’s commitment and the belief that our businesses can be successful only when our local communities are healthy and vibrant. In 2016, Capital One associates spent more than 390,000 hours in volunteer service, helping more than 4,000 nonprofit and community agencies in the Greater Washington area. Capital One also provided $48.1 million in grants to nonprofit organizations that help build economic opportunity in communities where our associates and customers live and work.

As part of its independent investment announced today, MSE will continue to push the envelope by employing cutting edge technology to benefit our fans. For example, through the Monumental360 program, MSE will use data to build out a full view of our fans, so we can better cater to their individual needs and interests. Our aim is to use what fans tell us about their preferences when they interact with any touch point of a Monumental franchise. Who they follow on social media, channel of purchase and seat location, how they connect to arena WIFI and what they purchase in the arena can help us tailor not just the Capital One Arena experience, but their fan experience outside the building, too. We want to know our fans well – so we can make sure we are providing them with the very best experience.

This summer, MSE also plans to move to a new point of sale system — which will be a great first step toward faster lines and additional payment options for fans, as well as better analytics and data that will allow MSE to better tailor the arena experience to each fan. The new point of sale system will also enable MSE to offer Capital One cardholders automated discounts on food, beverage, merchandise and more.

This is all part of MSE’s continued commitment to ensure that Capital One Arena remains a premiere destination in the country for sports and entertainment.

In 2016, Billboard Magazine ranked the arena 8th in the nation and 13th worldwide among top-grossing venues with a capacity of over 15,000. According to reports from the DowntownDC Business Improvement District, the arena has been responsible for redevelopment estimated at $9.2 billion within a seven- block radius, and has created more than 58,407 jobs since it broke ground in October 1995.

In the coming months, Capital One Arena will host some of the biggest tours in the world including Bruno Mars, Ed Sheeran, Guns n’ Roses, Andrea Boccelli, Jay-Z and many more. It will also host the A-10 men’s basketball tournament in March of 2018 and the East regionals of the 2019 NCAA men’s basketball tournament.