Terry Lefton of the Sports Business Journal reports that Verizon is set to let its current contract through 2018 expire for its naming-rights deal with the multi-purpose venue in Washington D.C.
Per the report, Jim Van Stone, Chief Revenue Officer of Monumental Sports & Entertainment, LLC who owns and operates the 20,674 seat arena, notes that the group is active in looking for a replacement:
Playing it close to the vest, Monumental Sports & Entertainment Chief Revenue Officer Jim Van Stone said in an email only that "we are in the process of beginning to explore" finding a new naming-rights partner for the arena, which is located in the city's Chinatown section.
Lefton also states a contradiction to Van Stone's email, citing sources within the industry, that says that the agency may be farther along than they might lead us to believe:
However, several industry sources, including an agency that passed on the assignment because of a conflict, said that Monumental Sports is in the final stages of a review to select a sales agency for a new deal. Among the finalists are Chris Foy's Impression Sports & Entertainment, Denver; and, intriguingly enough, a pair of ad hoc agencies created specifically for this assignment: one that sees Team Services Principal E.J. Narcise teaming with Brian Corcoran's Shamrock Sports & Entertainment, and another that has naming-rights veteran Rob Yowell and his Gemini Sports Group joining forces with Scout Sports and Entertainment.
The Verizon Center, as it is known now, is the home to the Georgetown Hoyas of the Big East Conference, the Washington Capitals of the National Hockey League, the Washington Mystics of the Women's National Basketball Association, and the Washington Wizards of the National Basketball Association.