So long Bud! London arena is getting a new name - Action News
Home WebMail Wednesday, November 13, 2024, 04:29 AM | Calgary | -1.4°C | Regions Advertise Login | Our platform is in maintenance mode. Some URLs may not be available. |
London

So long Bud! London arena is getting a new name

A London city staff report recommends approval for a new naming rights deal for the city's downtown arena and concert venue that will see Budweiser Gardens renamed Canada Life Place.

New 10-year naming rights agreement for downtown arena is going to council

A report coming to London city council lays out a plan to spend $33 million in upgrades to Budweiser Gardens with the work coming in two phases and the city's share being about $27 million.
A city staff report is recommending approval of a new naming rights deal that will have Budweiser Gardens officially renamed as Canada Life Place. (Andrew Lupton/CBC)

When it comes to the new name of London's downtown arena and entertainment centre, it's a case of "bye, bye Bud."

A staff report coming to city council's corporate services committee on Monday recommends that council approvea new 10-year naming rights agreement for the downtown arena, known as Budweiser Gardens since 2012. It was first named John Labatt Centre when it opened in 2002.

The new naming rights deal for the arena and concert venue affectionately nicknamed The Budby Londoners will be officially renamed Canada Life Place as of next month, pending council approval, when the existing naming rights deal expires.

The report says Budweiser will continue to have "pouring rights" at the 9,000-seat venue.

The city owns the land the arenaoccupies but it's operated as a public-private partnership through a complex lease agreement with Oak View Group (OVG), which managesthe venue's operations. OVG negotiated the new naming rights deal.

Based on information in the city report, it's unclear exactly how much revenue the new naming rights deal will generate.

"The naming rights are incorporated into cash flow distributions," the report says. "Based on the cash flow model, the city receives 70 per cent of the available cash flow."

While Londoners will have to get used to the new name, the report says staff believe the deal will be a good one for the city.

"Civic Administration believes this agreement represents a good value for the naming rights for the downtown entertainment and sports centre," the report says.

The name change means the home of the OHL's London Knights and a busy concert venue will shift from a U.S.-based beer behemothto an insurance company with deep roots in London.

Canada Life's predecessor London Life was founded in London in 1874.