from Rick Westhead of TSN,

Maple Leaf Sports & Entertainment has agreed to a landmark 20-year sponsorship agreement with Scotiabank to rename the Air Canada Centre, TSN has learned.

The agreement is worth about $800 million (Canadian), according to three sources familiar with the matter. Under MLSE’s previous agreement with Air Canada, struck in 1999, the airline paid about $4 million per year.

The agreement with Scotiabank, which will see the downtown Toronto arena renamed the Scotiabank Arena next July 1, is believed to be the highest-priced annual building and team sponsorship in North American sports history.

David Hopkinson, MLSE’s chief commercial officer, said in an interview that he received serious offers for the arena naming rights from eight companies.

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