ASHBURN, Va. — The Washington Commanders have a new name for their stadium. The team secured an eight-year naming rights deal with Northwest Federal Credit Union, and their home will now be called Northwest Stadium.

The stadium had been known as FedEx Field since 1999, but the company informed the Commanders before the end of last season it was ending the relationship two years before their deal was to expire. Because there had been an ownership change, FedEx had the right to end the relationship by season’s end.

The new deal runs through the 2031 season; the financial terms were not announced, but one source said the average exceeds the $205 million FedEx had initially paid for the deal, averaging approximately $7.5 million per year.

Washington has been seeking a new stadium and could open one before the deal ends. The new deal does not include an option for Northwest to secure naming rights on a future stadium. Nor would it prevent the team from opening one in 2030, which has been the targeted season, according to team officials.

The Commanders are still considering options in three jurisdictions: Washington, D.C., Maryland and Virginia.

Washington plays its first home game on Sept. 15 vs. the New York Giants.

Owner Josh Harris, who bought the team a year ago from Dan Snyder, and his ownership group have invested approximately $70 million in stadium upgrades this offseason, ranging from food service to how quickly fans can get through the gates, and fixing various issues throughout a stadium that opened in 1997 and typically ranks among the worst in the NFL.

Elevate helped negotiate the deal between Northwest and the Commanders.

In a statement, Harris said, “As we continue to work toward our goal of building the Commanders into an elite franchise that consistently competes for championships, we are excited to welcome our team and fans to Northwest Stadium and look forward to creating incredible memories together on the field and in the communities we serve.”

Northwest Federal Credit Union President & CEO Jeff Bentley said in a statement: “We look forward to ensuring that Northwest Stadium is an impactful place where we rally together over our common love of football, giving back to the community, and creating memorable experiences that last a lifetime.”