The Bank of Montreal (BMO) has extended its naming rights agreement for the Maple Leaf Spots and Entertainment (MLSE)-owned BMO Field for the next ten years, reports, www.sportspromedia.com/.

The stadium, which is the home of Major League Soccer's (MLS) Toronto FC, is currently in the midst of a US$140 million renovation. The Canadian Football League (CFL) side the Toronto Argonauts will join Toronto FC as the ground's tenants later this year.

In addition to the ten-year naming rights deal for the stadium, BMO will also serve as Toronto FC's front-of-shirt sponsor for the 2016 MLS season. According to Sports Business Journal, the value of that deal is likely to be around US$4 million over the year. Financial terms of the BMO Field deal were not announced.

"Today's long-term naming rights renewal with BMO is symbolic as construction progresses on BMO Field to provide a world class stadium experience for Toronto FC and its fans, for the Toronto Argonauts as they move to a classic Canadian outdoor football environment, and for the City of Toronto," said David Hopkinson, chief commercial officer at MLSE.

"BMO is a partner that has been with Toronto FC, and the stadium, since day one and plays an important, supportive role as we look forward to exciting things at BMO Field this season and in the years to come."