BC Place could soon be renamed

The province has given approval forBCPlaceStadium to be renamed by a sponsor.

On Monday, a statement said the governmentwill allow theB.C.Pavilion Corp., the Crown agency that operates the Vancouver stadium, to explore the sale.

Tourism Minister Lisa Beare saidin a news release that it's "an excellent time to look for the right corporate partner" and that thesponsorship will "generate significant benefit forB.C.residents."

Corporation chairIan Aikenhead said BCPlaceis a world-class facility and one of only a few venues of its size and profile in North America that has yet to capitalize on that type of revenue opportunity.

The government saidthe corporation will manage the request for proposals in consultation with the province.

Previous $40M deal axed

In 2012, the previous Liberalgovernment scrapped a $40-milliondeal to sell naming rights to Telus.

Pat Bell, then-minister of jobs, tourism and innovation, released a statement at the time sayingthe deal didn't provide the best value for taxpayers.

First opened in 1983 and renovated in 2010, BC Place is the third-largest stadium in Canada by capacity. The venue is the regular home for the Canadian Football League's B.C. Lions and the Vancouver Whitecaps of Major League Soccer.

The stadium has alsohosted Olympic ceremonies, nine Grey Cups and a royal visit.

One of few

BC Place is one of three CFL stadiums that do not have sponsored names. Those teamsthat have sold their venue's naming rights are generally reluctant to release exact dollar figures.

In 2016, the Edmonton Eskimos signed a five-year deal with furniture retailer The Brick to have the stadium renamed 'The Brick Field at Commonwealth Stadium.' Financial terms were not disclosed and the rights are in effect only on Eskimosgame days.

Rogers Centre in Toronto, home of baseball'sBlue Jays, is owned by its corporate namesake along with the team itself.