Before I give you the back story, I have a message for Maple Leaf Sports and Enterainment:
First i have to say, i’m really excited that Major League Soccer is coming to Toronto.
People will come to the Toronto FC games. We will fill the stadium, cheer for the team, buy jerseys and scarves, make lots of noise, eat at the concession stands, and – in doing so – make you lots of money. I’m totally fine with that.
However, i don’t think you should profit on the building of the new soccer stadium in Toronto. Any money you’ve made on the naming rights deal with BMO should be refunded to the levels of government -city, provincial, and federal – because lots of public tax dollars have gone into the stadium’s construction.
I love soccer.
But i also love a well run health care system, lower city property taxes, and kids having textbooks in school. And that’s why the public money should be refunded – because it can help in these other places.
Do the right thing. If you’ve made a profit on the building and naming of the stadium, refund the money.
Judging by the reported deal, you can afford it.
ps- if you could get Jason DeVos that would be really great.
And now, the background:
The new toronto stadium will be known as BMO (Bee-Moe) Field. The Toronto star reported today that Maple Leaf Sports and Entertainment have already made a profit by selling the naming rights to BMO.
The star reports that the federal government pledged $27 million to the project, while the provincial government added $8 million and the City of Toronto provided $9.8 and the land the stadium stands on.
MLSE, the organization that owns Toronto FC, was to contribute $18 million to the project, with up to $10 million of that cash coming from the sale of naming rights.
The Toronto Star reported that the 10-year naming rights deal between BMO and MLSE would be worth $27 million.
The Globe article says that MLSE and BMO didn’t disclose the amount of the deal. It’s interesting that the Globe isn’t curious the details of the deal.