The New Orleans Pelicans will name their arena Smoothie King Center after agreeing to 10-year rights worth an estimated $40 million.

The Pelicans' arena had previously been called the New Orleans Arena. Negotiations with Smoothie King lasted nearly one year.

"It’s gigantic,’’ Pelicans president Dennis Lauscha said. "Aside from the branding of the team, besides the practice facility, finding a naming rights partner was key to the long-term financial viability of this franchise in this market.We put it right at the top of the list of things that needed to be accomplished.’’

The Pelicans will announce the deal on Thursday.