The Air Canada Centre officially has a new name.
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.
The arena, struck a deal with Air Canada for $30 million when it opened in 1999, and has been named after the airline ever since. And while the two sides didn't disclose what this new deal was worth, Sportsnet is estimating that the deal is worth approximately $800 million.
The arena is home to the Toronto Raptors and the Toronto Maple Leafs, as well as the Toronto Rock of the National Lacrosse League. It hosts a multitude of different events, concerts and shows each year, and occasionally even hosts Raptors 905 games — Toronto's G-League affiliate.
“There’s obviously the brand value of just the consumer being aware of it,” John Doig, Scotiabank’s vice-president and chief marketing officer, said. “But where it really makes a difference for us is when we earn our way into the activation and relevance. We don’t sell hockey sticks and skates so as a bank we have to be making sure every day that we’re working very hard to be relevant.
“It has to be way more than a name on the side of the building; this can’t be a logo at centre ice and nothing else around it in the community.”