Retail business firm Canadian Tire Corporation and Senators Sports & Entertainment, owners of National Hockey League (NHL) franchise the Ottawa Senators, have announced a new strategic partnership that will result in the renaming of the team’s home arena to Canadian Tire Centre.
Financial terms of the deal were not disclosed, but the Globe and Mail newspaper said that the first term would span eight years, with the contract holding an “evergreen clause” allowing for it to be amended and renewed every 10 years after that.
The 19,153-seat arena has been known as Scotiabank Place since 2006, when Bank of Nova Scotia took over naming rights from Corel Corporation in a 15-year agreement worth C$20m (€14.7m/$19.7m). The Senators exercised an opt-out clause from this agreement earlier this year.
Canadian Tire and the Senators said the new agreement will cover a broad variety of activations on all levels, including community sports in the Ottawa-Gatineau region. Canadian Tire will be granted on-site branding opportunities for many of the retail outlets, including Canadian Tire, Sport Chek, Sports Experts and Mark’s.
The partnership also includes opportunities for Canadian Tire Jumpstart Charities to work with the NHL team’s Sens Foundation to develop fundraising initiatives and co-branded community development programming. The agreement takes effect on July 1 and arena-related signage will be in place for the start of the 2013-14 NHL season.
Senators owner Eugene Melnyk said: “The Ottawa Senators and Canadian Tire have been partners since 1990 when our fans first welcomed the team’s announced re-entry into the National Hockey League. It is a long and storied partnership we are extremely proud of, and pleased to be able to build upon.”