Monumental Sports and Entertainment is believed to have opened talks with financial services company Capital One about becoming the new naming rights partner for the Verizon Center in Washington, D.C.

The 20,356-seater venue currently bears the name of Verizon Communications, but a deal with the telecommunications conglomerate is due to expire at the end of the 2018 season.

Recent reports have suggested that Ted Leonis, chief executive of Monumental Sports, is keen to take a fresh approach and has been seeking out various options for a new naming rights partner.

According to the Washington Post newspaper, Capital One now looks set to take over the role from Verizon and a deal could be announced as early as next week.

In addition, Domain Name Wire has also reported that Capital One has registered over 50 domain names that suggest a naming rights deal is close. So far, the firm has purchased names such as ‘Cap1centerdc.com’ and ‘CapitalOneArenadc.com’.

The Verizon Center is home to a number of major sports franchises, namely NBA basketball team the Washington Wizards and NHL ice hockey outfit Washington Capitals.

Women’s National Basketball Association team the Washington Mystics also plays its home matches at the venue, which is located in the Chinatown area of Washington, D.C.

Should Capital One agree to a naming rights partnership, this would represent one of number of major deals completed by Monumental Sports in the past year.

The company has already purchased a developmental-league basketball team, as well as two Arena Football League franchises and an esports team.

In addition, Monumental Sports has been carrying out work on Ward 8, which will serve as the future practice facility of the Wizards. Ward 8, which forms part of a wider entertainment complex and sports arena project, is due to be ready in time for the 2018-19 season.

Image: Thomas Potzel