After more than a month searching for a new name to replace the former Times Union Center, Albany County Executive Dan McCoy announced a new sponsor for the multi-use arena.

MVP Health Care received the naming rights for the arena in downtown Albany, McCoy said Monday.

The renaming comes after the Albany Times Union announced that it would withdrawing its naming rights after 14 years.

“And who better to partner with us then MVP. And to MVP and your team, thank you so much for your proposal and your partnership going forward,” McCoy said.

MVP Health Care was one of four bidders for the naming rights, a field that included Berkshire Bank, MTX Group and Transfinder. McCoy said MVP aligns with the administration's values.

“It really came down to us, a lot of it was the health equity and where my administration has stood for the last 10 years, and making sure of equity for everyone,” McCoy said.

The partnership is worth $10 million over the next five years, including a $7 million community investment fund.

While the name change will be an adjustment, residents say the choice to partner with the health care provider was a good one. 

“A name is a name. It’s what they are going to do for this community and this area that matters,” Deborah Coleman said.

“Well, health care is huge, especially now, so it’s a good investment,” Daniela Paixaoe Silva said.

And while the outgoing sponsorship lasted nearly 15 years, some say the MVP Arena has a good ring to it.

“I could get used to it, but I think a lot of people in the community, even outside the community, that travel to the Times Union Center, I think it’s going to take awhile for them to get used to it. You know, they are probably going to call it that Times Union Center for awhile,” Crystal Diehl said.

The name change will officially take place at the beginning of the new year.

The new agreement with MVP Health Care is a $10 million partnership and includes a $7 million community investment fund.