08/29/2017 15:27 EDT | Updated 08/30/2017 12:34 EDT

Toronto's Air Canada Centre To Be Renamed 'Scotiabank Arena'

The deal is worth a reported $800 million.

Toronto's Air Canada Centre is getting a name change.

The home of the NHL's Maple Leafs and NBA's Raptors will become Scotiabank Arena next year under a 20-year sponsorship agreement between Maple Leaf Sports & Entertainment and Scotiabank.

Industry sources say the deal is worth a whopping C$800 million.

Air Canada has held the naming rights to the arena since it opened on Feb. 19, 1999.

"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,'' MLSE chairman Larry Tanenbaum said in a statement Tuesday.

"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.''

The change will take place in July 2018.

The MLSE-Scotiabank deal also calls for "new philanthropic opportunities'' with the MLSE Foundation, and a digital collaboration between MLSE and the Scotiabank Digital Factory.

"We are thrilled that Scotiabank's name will appear on the side of this iconic building for the next two decades, and are looking forward to all of the historic moments to come,'' Scotiabank's chief marketing officer John Doig said in a statement.

Air Canada will remain the official airline partner of both the Maple Leafs and Raptors under a "long-term partnership.''

"We congratulate MLSE and Scotiabank as they build on the legacy we helped establish in 1999 and look forward to celebrating with fans and customers during our final season as title sponsor of the Air Canada Centre,'' Benjamin Smith, president of passenger airlines at Air Canada, said in a statement.

The arena, commonly known as the ACC by Toronto's sports fans, is also home to the Toronto Rock of Major League Lacrosse and is a top destination for major music acts.

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