While the terms of the rights deal have not been announced, the car manufacturer will lend its name to the new Toyota Center, construction on which is scheduled to be completed in September.
The Toyota Center will not only play host to the Houston Rockets but also WNBA team the Houston Comets and minor-league hockey affiliate the Houston Aerosol.
The presence of Chinese star Yao Ming on the Rockets' players roster undoubtedly attracted the attention of the Asian car manufacturer.
Stated Deborah Whal Meyer, corporate marketing manager for Toyota: "As a leader in the worldwide market, Toyota will also be able to enhance its brand awareness in Asia through the international exposure offered by the Houston Rockets."
Added Rockets president and CEO George Postolos: "It made sense to the Rockets to find a partner that would benefit from the international exposure that the Rockets are receiving.
"Adding Yao to the Rockets has given us a terrific global presence. We had 30 games broadcast in China last year and had an extremely large audience. There's every indication that trend will continue.
"You can't overstate the global significance to the extent Yao has helped us to become a global franchise."
The new arena will replace the Compaq Center, the NBA's second-oldest arena, which didn't have the luxury boxes and other moneymaking amenities needed to allow the franchise to remain financially competitive.
The new arena boasts 18,500 new seats, some of which already have been installed in the second deck. The building increases seating capacity by 2,250 and capacity in the lower bowl by 2,800.
The Houston Rockets have secured a naming rights deal with car manfacturer Toyota for the NBA team's new $200million arena.
