ALBANY, N.Y. (NEWS10) — The sports and entertainment venue in Albany formerly known as the Times Union Center will now be known as MVP Arena. The naming rights of the center were awarded to MVP Health Care.
“When we announced the arena naming rights RFP, I said I wanted more than just a company’s name and logo on our facility. I wanted a partner that was committed to the success of the arena and the surrounding community. I’m thrilled to say that we have found that partner in MVP, which has a long history of successful collaborations of this kind,” said Albany County Executive Dan McCoy.
MVP has also invested in a $1.4 million Innovation Fund to grow attendance at events at MVP Arena and support local businesses. The county said the fund is separate from the $600,000 annual sum that MVP will pay to the county for the official naming rights. The county will receive $2 million each year from MVP.
MVP has signed a five-year contract for the naming rights with two additional five-year options to renew the contract. If MVP decides to renew the contract for both of the five-year extensions, the total value of the contract will be $30 million dollars.
“Like Albany County, we believe it is our responsibility to support the health and well-being of the communities we serve,” said Chris Del Vecchio, MVP Health Care’s President and CEO. “We are committed to being more than a name on one of Albany County’s marquee assets. Together with the county, we will unveil new initiatives and innovative programs to improve the vitality of the community and all who visit the Arena.”
The county said some initiatives proposed by MVP include:
- a community fitness court along the Albany County Helderberg-Hudson Rail Trail
- a neighborhood farmer’s market in the atrium of the new MVP Arena
- an MVP Arena shuttle for seniors, individuals with disabilities and others attending games and events
- year-round youth sports and coaching clinics
The Times Union choose not to extend it’s naming rights agreement at the end of September. Albany County accepted bids for proposals for the naming rights. McCoy said the county received three other proposals from Berkshire Bank, MTX Group and Transfinder.
The arena opened in 1990 and is owned by Albany County and managed by ASM Global. The facility has hosted a variety of events, including concerts, family shows and sporting events and averages 145 events each year.