The arena of the Toronto Maple Leafs and Toronto Raptors has officially been renamed Scotiabank Arena.
Banks, especially in the US have formed close relationships with sporting events. Buying naming rights enable banks to gain long-term brand awareness at some of the most popular venue sites.
The plan for the name to be changed to Scotiabank Arena was first announced in August 2017. The venue had been known as the Air Canada Centre since opening in 1999.
According to Canadian news, Scotiabank Arena is the result of a Canadian record $800m agreement between MLSE and Scotiabank. As the agreement is not material to the bank’s financials, Scotiabank has not officially disclosed the amount of the deal.
Scotiabank Arena: reimaging the brand
As well as the changing the name, the new Scotiabank Arena aims to transform the whole experience for people visiting. Providing easier access to get inside, improved outdoor optics and an overall better viewing experience. Scotiabank Arena will boost the brand of Scotiabank.
According to the National Post, John Doig, executive vice-president and chief marketing officer for Scotiabank, stated:
“Scotiabank Arena includes a whole lot of things way beyond signs around the building. There is a community component, an eight-figure dollar amount that will go to the Maple Leaf Sports and Entertainment Foundation. We and MLSE are endeavouring to do great things in the community over the next 20 years.
“The actual fan that comes down and experiences the building will see differences right away, such as digital media in the score clock, LED (screens) in the corners of the building. And those out in Maple Leaf Square looking at the video screen, we’re trying to improve that experience, too.”
In the next few days, exterior signage will go up around Scotiabank Arena. Permanent signage is set to be up by the time the Toronto Maple Leafs and Toronto Raptors play in October.
Scotiabank Arena contract is currently set for 20 years, hoping to attract new customers and push its brand awareness.