The Maple Leafs and Raptors address will not change but the building near the foot of Bay Street will no longer be called Air Canada Centre next July.

(letsgoleafs.com)

Scotiabank and Maple Leaf Sports & Entertainment have reportedly reached a 20-year sponsorship agreement worth about $800-million that’ll see it called Scotiabank Arena.

Under the deal with Air Canada, struck in 1999, the airline paid about $4-million-a-year.

MLSE received serious naming rights offers from eight companies.

Scotiabank calls the Leafs-Raptors home ”the pre-eminent property in the country.”

This is the third major arena naming rights deal for the bank, which also sponsors Scotibank Saddledome in Calgary and the Scotiabank Centre in Halifax.

Air Canada has agreed to become a major sponsor of both teams for the next eight years.