Q+A: Why Canada Life snagged London arena naming rights

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Friday marks the official renaming of London’s downtown arena, which is leaving behind its Budweiser Gardens moniker for a new name: Canada Life Place. Free Press reporter Jonathan Juha talked to Tom Pistore, president of Oak View Group (OVG) Canada – the company that manages the venue since acquiring Spectra in 2021 – about the process of finding a new sponsor for the city-owned facility.

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Q: Tell us a bit about the search for a new company willing to pay for the naming rights; how extensive a search was it to find that sponsor?

A: We went through an exhaustive search; these processes take, you know, months . . . You identify targets that make sense, that are relevant in that market and, obviously, Canada Life, with its rich history in London was easily one of the early targets . . . I think it’s also important to know that the commitment that Labatt Canada made with the Budweiser Gardens (continues). Labatt is still committed to the venue, obviously, committed to London; they’re great partners with us across many projects in Canada.

Q: I imagine more than one suitor was willing to take over the naming rights of the London venue. Am I wrong?

A: In any naming rights process, it’s never only one (option). So, I could tell you that we had four or five very, very serious conversations around price, around the opportunity, but everything that came off with making this the Canada Life Place, they were easily the target that we wanted, given their impact. But they were not alone. We would have prospected more than 10 (companies) with very serious conversations around four or five others.

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Q: At the end of the day, money is always the main factor in these types of negotiations. But how much of an impact did Canada Life’s connection with the city have in it becoming the winner?

A: There’s always a fiduciary responsibility, obviously, that we have to the city and to the team to present the best offer. But all that said, what came together here, making this Canada Life Place, is that it hit the financial requirements, but (the company) also has a really strong and important community venue in London now, having their base here, having this commitment from them in the London area. Those are all factors that we absolutely think about. And, when you can merge all of the requirements, from financial to the timing to the great community presence, that’s where I really think that these opportunities get super amplified. And when you have all two or three of those key pillars together, the name feels great, feels great to the community, and it’s going to be a great run and opportunity for Canada Life for sure.

Q: What can Londoners expect as a result of this deal in terms of improvements to the arena or their experience when they go to an event? How important is this cash injection?

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A: The important part here is that there’s a real commitment from the City of London with the recent renovations, of which OVG is a proud investor; and as we look at all of those pro formas with the venue, additional suites, revamping the club areas, refreshing the concourses, all of those things right now are in the plan and underway. So, having the ability to find a fresh new partner with a set of financials that helps support the investment and the refresh of this venue (is important) . . . every venue after a couple of decades needs to have, effectively, a wonderful new facelift and a wonderful new design change. All those things are now happening. So, having a new partner, with the financial commitment made by Canada Life into the community and into the venue, is an important part of allowing all of these other investments in the venue to be made.

Q: How much is Canada Life is paying for the naming rights?

A: It’s a 10-year term, and it’s a seven-figure number. It’s wonderful for the venue, in terms of securing the long-term naming rights plan, and again, this commitment over the term at this seven-figure plus level is very important to bring new life to Canada Life Place.

jjuha@postmedia.com

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