The change gives US Airways, which merged with America West Airlines this year, a popular place to promote its name in metro Phoenix and internationally, US Airways chief executive Doug Parker said.
Meanwhile NBA's Phoenix Suns, who manage the arena, will more than double their annual naming rights revenues.
US Airways will pay roughly $1.8million in the first year of a 10-year sponsorship deal that totals more than $20million.
The old deal, now void, was set to expire in 2022. It had America West Holdings Corp. paying $26 million over 30 years.
However, when that contract was struck, just three sports facilities had naming rights deals, according to Jerry Colangelo, Suns chairman.
Today, there are roughly 90 US venues bearing corporate names, and some have changed as companies have gone under or been taken over.
