Verizon Center renamed Capital One Arena

(Photo by Patrick Smith/Getty Images)

(TSX / STATS) -- The longtime home of the NBA's Washington Wizards and NHL's Washington Capitals is changing names -- immediately.

Monumental Sports and Entertainment announced Wednesday that the arena, formerly known as Verizon Center, has been renamed Capital One Arena.

While full signage and branding will occur in the fall, the name change went into effect Wednesday.

"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, who owns the Wizards and Capitals and is the majority owner and CEO of Monumental Sports and Entertainment.

The 20,000-seat venue, which opened at MCI Center in 1997, was renamed Verizon Center in 2006. The agreement with Verizon had been scheduled to expire in 2018, the Washington Post reported.

The arena also has hosted games for Georgetown University and the WNBA's Washington Wizards. A new Arena Football League franchise, also owned by Leonsis, will play there as well.

Updated August 9, 2017