ALBANY, N.Y. (NEWS10) — Part of the Albany County Legislature unanimously approved the name for the downtown entertainment venue to be called the MVP Arena. The five year deal with MVP Healthcare was approved by the Public Works Committee.
MVP will pay $2 million a year for the rights with a majority of the money going to an innovation fund to support community projects. The other $600,000 is a cash payment just for the arena naming rights.
The new deal is set to begin on Jan. 1, 2022.
The deal also allows for two possible five year renewals, so the deal could last for 15 years total.
It is expected to be approved by the full county legislature on Dec. 6.