It will certainly take a while to digest the news that Hershey Centre will soon be renamed Paramount Centre.
There are still a few things that could go sideways for Paramount Fine Foods as the agreement still needs to be approved by Mississauga city council. What is crucial however is the amount that is being paid for naming rights which needs to be disclosed. The agreement still needs to be approved by Mississauga city council.
The 5,400-seat arena currently known as the Hershey Centre will be rebranded as the Paramount Centre as of July 1 after the city struck a 10-year deal with Paramount Fine Foods for the naming rights to the facility.
In a news release issued Wednesday morning, the city said that it came to an agreement with the Mississauga-based company after Hershey Canada Inc. informed them that they would not renew their agreement for naming rights to the facility after its expiration on June. 30.
The arena has been named the Hershey Centre since first opening its doors in 1998.
“The city has a great long-standing business relationship with Hershey Canada. We understood that this was a difficult business decision for the company,” Mississauga Director of Recreation Shari Lichterman said in the release. “We’d like to thank Hershey Canada for their partnership over the last two decades and wish them well with their future ventures.”
Lichterma said that the city will update signage and websites in advance of July 1 “to help local sports clubs, residents and fans around the city adjust to a new name.”
She said that in addition to naming rights for the Hershey Centre, Paramount Foods will also be handed a contract to provide concessions for the facility.
“Today marks a significant milestone in the evolution of Paramount Fine Foods. We are extremely proud to partner with the City of Mississauga in the naming of one of Mississauga’s true landmarks, the Paramount Centre,” Paramount Fine Foods Founder and CEO Mohamad Fakih said in a press release. “Since opening the first Paramount Middle Eastern Restaurant back in 2007, I have always believed it is important to give back to the community and support the wonderful things the City of Mississauga stand for.”
Now the only thing the people of Mississauga would like to know is how much Paramount Fast Foods will give back to the city. Many would like to see Founder and CEO Mohamad Fakih put his money where his mouth is, that should be easy for this entrepreneur. – CINEWS