Sept. 17 (UPI) -- The NBA's Los Angeles Clippers will break ground Friday on a new arena that's scheduled to open in a few years -- and it will be called the Intuit Dome, following a new 23-year naming rights deal.
The team announced the deal Friday morning before the groundbreaking ceremony, which is scheduled for 10 a.m. PDT.
The $1.2 billion arena in the Los Angeles suburb of Inglewood is expected to open in time for the 2024-25 season.
"When we began the search for a partner for the LA Clippers and our new dome, we looked for one that shares our passion for technology, the pursuit of innovation and our commitment to customers, fans and community," team Chairman and owner Steve Ballmer said in a statement.
"Intuit is a perfect fit and we're excited to be calling our future home the Intuit Dome."
"We both have a focus on creating extraordinary experiences enabled by innovative technology," Intuit CEO Sasan Goodarzi added.
"Intuit and the Clippers have a history of supporting local communities, and we look forward to investing in and contributing to the Inglewood community to help them prosper."
As part of the deal, Intuit pledged to commit $1 million over the next three years to teach students in underserved communities about finance and entrepreneurship. The deal will also create programs to create jobs and stimulate the Inglewood community, officials said.
When it opens, the Intuit Dome will seat about 18,000 people and will be all-electric. The complex will also have an 80,000-square-foot outdoor plaza.
Since 1999, the Clippers have shared an arena, Staples Center, with the more-successful and better-known Los Angeles Lakers. Ballmer said the new arena will give the Clippers their own identity. Before moving into Staples Center, the team played at the Los Angeles Memorial Sports Arena for 15 seasons.
The Clippers went 47-25 last season and advanced to the Western Conference Finals before losing to Phoenix in six games.