Canadian multinational bank Scotiabank has been unveiled as the new naming-rights partner of Toronto’s Air Canada Centre in what is said to be the biggest sponsorship deal of its kind.

The arena is the home venue of NHL ice hockey franchise the Toronto Maple Leafs and NBA basketball team the Toronto Raptors, and has been known as Air Canada Centre since it opened in 1999.

From July 2018, however, the venue will be renamed as the Scotiabank Arena after the bank agreed a 20-year deal with Maple Leaf Sports & Entertainment (MLSE), which runs the arena.

MLSE did not reveal financial terms of the agreement, although Canadian broadcaster TSN said the deal is worth around C$800m (£495m/€534m/$639m) in total, which would make it the biggest ever annual sports building and team sponsorship in North America.

Larry Tanenbaum, chairman of the board for MLSE, said: “For the past 18 years, Air Canada Centre has not only been home to the Maple Leafs and Raptors, it has also hosted hundreds of the most popular concerts and events in the industry, helping contribute to Toronto’s well-deserved reputation as one of the top sports and entertainment destinations in the world.

“We are grateful to Scotiabank for their continued support and this expanded partnership as we look ahead to what we expect to be 20 of the most exciting years in Toronto sports and entertainment history.”

Air Canada will continue as the official airline partner of the Maple Leafs and Raptors.

Image: Aiko99ann