So long Bud! London arena is getting a new name

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 approve a 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 Bud by 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 arena occupies but it's operated as a public-private partnership through a complex lease agreement with Oak View Group (OVG), which manages the 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 behemoth to an insurance company with deep roots in London. 

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