Toronto Maple Leafs sell arena naming rights to Scotiabank

Air Canada Centre

Air Canada Centre to be changed to Scotiabank Arena: reports

Still, the power of the Leafs' fanbase and history helps Maple Leaf Sports and Entertainment, the company that owns both franchises, wield a lot of power. BMO has been Toronto Raptors' presenting sponsor since 2013 and has a year left on its deal. That will change beginning next summer, when Scotiabank's 20-year sponsorship agreement for the arena begins.

Air Canada Centre will become Scotiabank Arena when a 20-year agreement between the bank and Maple Leaf Sports and Entertainment takes effect next July 1.

The new agreement is believed to be the highest valued building and sponsorship agreement in North American professional sports, according to TSN.

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But this is being billed as the largest deal of its kind, after investment bank J.P. Morgan's $30 million U.S. annual costs to be atop the renovated Madison Square Garden in NY and other properties in the city, signed back in 2010.

The original report of the $640 million figure came from TSN's Rick Westhead, who says sources close to the deal said that is the figure to expect. Air Canada had previously been paying $4 million CAD per year for the naming rights, which it had acquired in 1999.

This is not the first arena that Scotiabank has bought the naming rights to, with the Calgary Flames' arena being named the Scotiabank Saddledome.

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The building will continue to be known as Air Canada Centre throughout the coming National Hockey League and NBA seasons.

The home of the Maple Leafs and Raptors is getting a new name.

Scotiabank and Maple Leaf Sports & Entertainment, in confirming the change in a joint statement Tuesday, preferred to talk about expanding the financial institution's role in areas such as minor hockey as part of the new union. The Scotia? Scarena? We're gonna need to workshop this.

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