The deal will take effect on July 1, 2018, effectively renaming Air Canada Centre to Scotiabank Arena.
Starting July 1, 2018, the downtown Toronto arena will become Scotiabank Arena, starting a 20-year deal between Scotiabank and Maple Leaf Sports and Entertainment. In more recent naming rights deals, JPMorgan Chase bought the naming rights to the Golden State Warriors new arena for approximately $15 to $20 million annually in 2016.
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This is not the first arena that Scotiabank has bought the naming rights to, with the Calgary Flames' arena being named the Scotiabank Saddledome.
The agreement is worth about $800 million (Canadian), according to three sources familiar with the matter.
After North Korea launch, U.S. successfully tests missile interceptor
The military has conducted three tests in total, but during a test in June, the interceptor failed as a result of human error. North Korea's most recent missile test on Tuesday prompted the Japanese government to tell residents to take cover.
In speaking with TSN, Maple Leaf Sports & Entertainment's chief commercial officer David Hopkinson said eight companies reached out to them with "serious offers". "This is already firmly established as Canada's premier entertainment venue..."
The venue to keep an eye on is BMO Field as MLSE could look to cash in on another deal with the building's naming rights expiring in a year. "We felt we had a very good sense of what the market would bear". The Toronto Raptors have never even been to the NBA Finals.
Air Canada plans to keep its ties to MLSE. As part of the 20-year deal, the bank will invest in a digital partnership with MLSE and make charitable donations through the MLSE Foundation.
"Let's go to the Sco", could become the new game-night gab for fans of the Maple Leafs and Raptors.
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.
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