The official said the ownership group has assumed for several years that it would need to find a new sponsor for the arena after the sunset of the original MCI/Verizon deal.
Naming rights have become an increasing vital and lucrative source of revenue for sports teams as players salaries and other expenses have increased.
A lucrative, long-term naming rights deal that brought in millions would increase the value of the privately owned Verizon Center and its tenants: the Capitals, Wizards and Mystics.
Verizon Center opened in December 1997 as MCI Center, but it changed to Verizon Center in 2006 after Verizon Communications purchased MCI out of bankruptcy.
— Thomas Heath