Delaware North is also investing some 7.6 million dollars to update the current configuration of concessions.
It is fully owned by a subsidiary of Delaware North.
Delaware North, a $1.3-billion-a-year conglomerate, is a national leader in food service at sports stadiums and airports.
The island's primary land use is as an exclusive resort, which is run by Delaware North.
But the names of the Times Company and Delaware North came as surprises.
The Visitors Complex also hosts special ticketed events run by Delaware North.
Delaware North will finance the buyout over the 15-year life of its contract.
The agreement left Delaware North free to sell the naming rights to another sponsor.
Delaware North was awarded the rights to construct the new arena, but poor economic conditions delayed the project.
Delaware North was responsible for all moving costs.