The home of the Toronto Raptors and the Toronto Maple Leafs of the NHL will have a new name starting next year. Maple Leaf Sports and Entertainment, the company that owns both teams, has agreed to terms with Scotia Bank on a 20-year sponsorship agreement on Tuesday worth $800 million, which will change the name of Air Canada Center to the Scotiabank Arena starting on July 1, 2018.
We proudly stand together with MLSE, transforming the home of the @MapleLeafs and @Raptors into Scotiabank Arena. https://t.co/4bM1ijHM5i
— Scotiabank (@scotiabank) August 29, 2017
The $40 million per year agreement will become the highest building and team sponsorship deal in all of North American sports. It will eclipse the $30 million JPMorgan Chase paid Madison Square Garden and Radio City Music Hall for sponsorship rights, as Scotia Bank continues to expand their naming rights to some of the biggest sports arenas all over Canada. The company will now own three building rights, joining Scotiabank Saddledome in Calgary and the Scotiabank Centre in Halifax.
A new sponsorship deal will give Raptors fans more reason to be excited for the 2018-2019 season, as there could be new advertisements for the team, or even promotions for tickets for home games. With the team making it to the Conference Finals last year and the Conference Semifinals this past season, they will look to continue their recent run of success.
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