PITTSBURGH -- Consol Energy Inc. and the Pittsburgh Penguins announced on Monday a 21-year deal for naming rights to the new Pittsburgh multipurpose arena.

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SURVEY: Do You Like The Name Chosen For The Pens' New Arena?

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Co-owner of the Penguins, Mario Lemieux, was on-hand Monday for the naming ceremony.

The new arena, which is being built close to the soon-to-be demolished Mellon Arena, will be named the Consol Energy Center. It is scheduled to open in time for the 2010-2011 NHL season.

"We've reached an agreement, a 21-year-agreement," said Penguins President David Moorehouse.

Pittsburgh-based Consol is the largest coal producer in the U.S.

"The Penguins have been around for 30 years. Consol Energy for 100 years, since the Civil War," Moorehouse said.

Penguins officials said it is a good marriage because of the long history and stability represented by Consol. Officials with Consol said it is mutually beneficial.

"It's clear the franchise enjoys popularity beyond the Tri-State area," said Consol spokesman Bill Hoffman.

According to team officials, as many as seven other companies were in the bidding to win naming rights for the new arena.

Even though they lost the prize, there are other venues to bid on, like electronic messages on the score board.

The new arena will also serve as a centerpiece for year-round entertainment in Pittsburgh, including concerts and a variety of other events.