MLS: BMO (bank) extends its naming rights agreement of the Toronto FC stadium, BMO Field, until 2025

The Canadian bank BMO (Bank of Montreal) has extended its naming rights contract for BMO Field, the stadium of Toronto FC (MLS), until 2025 and will remain the shirt sponsor of the franchise for the 2016 season, announced the company on 22/02/2016.

The previous naming rights contract was valued at $2m per year (€1.8m) and last season's shirt sponsorship at $4m per year (€3.6m), according to the Canadian daily the Toronto Sun. This global partnership is helping to finance the renovation of BMO Field. The first phase of work increased the capacity of the stadium from 20,000 to 30,000 seats in May 2015. The second phase, to be completed in 2017, will increase the capacity to 40,000 seats. Toronto FC will play their first eight games of the 2016 season away from home (Matchday 1 at New York Red Bulls, on 06/03/2016). The budget for the renovations is $120m (€108.9m).

12 of the 21 MLS franchises have entered into a naming rights agreement for their stadium. Other MLS teams play in american football stadiums and are not directly linked to the naming rights holder such as the New England…