Toronto’s Iconic Air Canada Centre Will Be Renamed Scotiabank Arena

Air Canada bought the naming rights to Toronto’s brand new stadium in 1999 and ever since then locals have been accustomed to the Air Canada Centre. The iconic stadium which is home to the Maple Leafs and the Toronto Raptors has also hosted hundreds of popular concerts and entertainment shows in the last 18 years.

Scotiabank saw an opening to put in a bid for a new contract to secure the naming rights for the iconic stadium and jumped at the opportunity. There are reports that Scotiabank has signed a 20 year contract valued at an estimated $800 million with Maple Leaf Sports & Entertainment to secure the naming rights. The stadium will now be known as the Scotiabank Arena from July 1, 2018.

Media reports suggested that Air Canada was paying $4 million based on its existing contract for naming rights and was interested in securing a new contract but it was unable to afford the massive jump in price.

Air Canada will continue to be the official airline for both the Toronto Raptors and the Maple Leafs as the company has an 8 year agreement.

CityNews Toronto

Those who have lived in Toronto for the last 18 years have gone accustomed to referring to the Air Canada Centre as ACC. The stadium is a central part of Toronto’s entertainment scene and was one of the main reasons why Scotiabank wanted to get its brand in front of millions of fans.

In a statement, John Doig, chief marketing officer for Scotiabank said

The reality is hockey is super-important to us. Over the past 10 years, we've invested a lot of time and effort becoming relevant to consumers who like hockey and are engaged in hockey whether it be at the NHL level all the way down to the grassroots level across the country

Scotiabank has pursued a marketing strategy over the years of securing the naming rights to a number of key stadiums in Canada. Some of the stadiums where Scotiabank already has naming rights include Scotiabank Saddledome which is home to the Calgary Flames, Scotiabank Field at Nat Bailey Stadium where the Vancouver Canadians and the Northwest League play and the Scotiabank Centre where the QMJHL's Halifax Mooseheads play. Scotiabank has already partnered with the NHL and has a Scotiabank Hockey Day in Canada as well as a Scotiabank Wednesday Night Hockey.