Report: Islanders, UBS Agree To 20-Year Deal For Arena Naming Rights

NEW YORK (CBSNewYork) -- The New York Islanders have found a sponsor for their new arena in Belmont Park.

On Wednesday, wealth management firm UBS announced an exclusive 20-year naming rights deal for the building, which will be called UBS Arena. It is projected to open for the 2021-2022 season.

The Islanders will have a permanent home in Elmont, after a brief period when the team played at the Barclays Center in Brooklyn and back at the now-closed Nassau Coliseum.

"If you look at a franchise where fans have been put through a more difficult process, there aren't many that compare to the Islanders," said Tim Leiweke, the CEO of the Oak View Group, which is overseeing the project.

According to reports, the new Islanders arena is expected to generate $25 billion in economic activity and create 10,000 construction jobs and 3,000 permanent jobs. The new Islanders arena will be a 25-minute LIRR ride from Manhattan and a 30-minute train ride from Penn Station.