BUSINESS
10/27/2011 11:19 EDT | Updated 12/27/2011 05:12 EST

Toronto 2015 Pan American Games sign four-year deal with CIBC as lead sponsor

TORONTO - The Toronto 2015 Pan American Games have a lead sponsor.

Ian Troop, CEO of the Games' organizing committee (TO2015), announced the signing a multi-million dollar, four-year deal with CIBC on Thursday.

The bank will serve as the exclusive lead partner of the Games.

The news comes two days before Toronto will receive the Pan Am Games flag in the traditional handoff between host cities at the closing ceremony for the 2011 Games in Guadalajara.

"It is indeed a privilege to have one of Canada's leading financial services companies as our lead corporate sponsor as we present these Games to our city, the province, the country and the world," Roger Garland, chair of the TO2015 board of directors, said in a statement.

The agreement puts Toronto on track to meet its sponsorship revenue goal in record time, Troop said, and gives CIBC exclusive sponsorship rights among financial institutions.

The sponsorship deal includes a national marketing strategy, professional financial resources, legacy scholarships and athlete support, and cultural programs.

"A lead partner of this size, scope and commitment will encourage other private sector supporters to contribute to the success of the Toronto 2015 Games," said Charles Sousa, Ontario's Minister responsible for the Pan/Parapan Am Games.

The 2015 Pan Ams will be held July 10-26, and the Para Pan Ams are Aug. 7-14.