Air Canada Centre changing name to Scotiabank Arena next summer

Rachel Hardy
August 31, 2017

The ownership group behind ice hockey's Toronto Maple Leafs and basketball's Toronto Raptors has signed a potentially record-setting, 20-year deal with Scotiabank to rename the teams' home arena.

According to TSN's Rick Westhead, Maple Leaf Sports & Entertainment has agreed to a 20-year sponsorship agreement with Scotiabank worth almost $800 million that will change the building name from ACC to Scotiabank Arena. The same bank is behind the Golden State Warriors' new basketball arena, which opens in 2019 at a reported $15-20 million a year for naming rights.

To view the full article, register now. In addition to being a longtime NHL partner, the bank has naming rights to Scotiabank Wednesday Night Hockey, Scotiabank Hockey Day in Canada and the Scotiabank Saddledome in Calgary.

The agreement is worth about $800 million (Canadian), according to three sources familiar with the matter.

Maple Leaf Sports & Entertainment, the owner of the Toronto Maple Leafs, have announced they are selling the naming rights to their arena. "This is already firmly established as Canada's premier entertainment venue..."

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Chalk it up to Toronto's "SkyDome" effect, but reaction online has us betting that the name change won't faze many in this capitalist hellscape we call home.

In Ottawa, Scotiabank had a deal with the Ottawa Senators, having named the arena "Scotiabank Place" from 2006-2013 before the rights were sold to Canadian Tire as it is now known as the "Canadian Tire Centre".

Unsurprisingly, MLSE had multiple offers for naming rights to their arena.

It's unclear what the agreement means for BMO's future relationship with Canada's largest sports holding company.

Earlier Tuesday, Scotiabank, Canada's third largest lender by assets, raised its dividend by almost 4 per cent as its third-quarter profit rose faster than expected, The Globe and Mail reported.

Other reports by TheDailyFarc

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