The Air Canada Centre has officially been renamed the Scotiabank Arena, marking the beginning to a new 20-year rights deal and the stadium’s first name change, costing Scotiabank a total CAD$800mn at a price of $40mn-a-year.
The facility is home to both the Maple Leafs ice hockey team and the NBA’s Toronto Raptors, whilst also catering for range of other events such as headline music events.
The deal was previously agreed in August last year, with the existing licensing agreement having come to an end with Air Canada on 1 July.
“There’s no other facility like this. It’s top five [or] six in the world from an entertainment standpoint,” said John Doig, Scotiabank’s Chief Marketing Officer said at the time.
“It’s Toronto. Toronto’s a hugely important market to us. Those factors demand a bit of a premium.”
The deal follows Scotiabank’s prior investments in the sports and entertainment industry, having purchased Calgary’s Saddledome in 2010 and sponsored the Toronto Maple Leafs, in addition to hosting 8,000 national youth leagues nationwide.