The new name of Toronto’s beloved Air Canada Centre is…….

The Corel Centre home to Ottawa Senators was first renamed to Scotiabank Place in 2006 to 2013 and renamed again in July 2013 to the Canadian Tire Centre. Similarly, Toronto’s iconic SkyDome was renamed to Rogers Centre starting from 2005. Now, the home Toronto Raptors; the Air Canada Centre is being renamed to Scotiabank Arena starting from July 1st, 2018.

Air Canada Centre is filled with thousands of spectators to watch Raptors play a home game.

Now, you must be wondering, how much money did Scotiabank bank pay to purchase the naming rights from Maple Leaf Sports & Entertainment (MLSE)?(Yes, they are the original owners and operator) Well, as per Rick Westhead from TSN, the agreement is worth a whopping $800 million over the course of next 20 years. This amount equates to $40 million per year!! Just to put this amount in perspective, Air Canada purchased the naming rights in 1999 for next 20 years for just $4 million per year.

Air Canada Centre to be renamed to Scotiabank Arena.

According to an executive in Scotiabank, this deal is “one of the three richest deals in pro sports, even after adjusting for the exchange rate.” This statement holds true when you take a look at some of the high-profile naming rights agreement. The Chase Bank’s agreement with New York’s Madison Square Garden is worth $37.1 million (CAD) annually, while Chase Bank’s deal with the NBA’s Golden State Warriors is worth $28.5 million (CAD) per year.

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