CIBC Executive Vice President Stephen Forbes, left, and Toronto Tempo President Teresa Resch at The Combine in Toronto on April 14. The Tempo selected CIBC as a partner after fielding offers from all the major banks.Sammy Kogan/The Globe and Mail
The WNBA’s Toronto Tempo has scored a sponsorship from Canadian Imperial Bank of Commerce, with the bank backing the team’s drive to become a national champion in women’s basketball.
Canadian Imperial Bank of Commerce (CIBC) will launch a national advertising campaign linked to the Tempo while the team prepares for its inaugural game as the WNBA’s first international franchise in May, 2026. Last spring, Kilmer Sports Ventures, led by billionaire Larry Tanenbaum, acquired the team for an estimated $115-million.
While the Tempo will be based in Toronto’s 8,700-seat Coca-Cola Coliseum, the team plans to play home games across the country next year. In an interview, CIBC chief executive officer Victor Dodig said: “We jumped at the opportunity to be part of a team with an ambition to build a national following, in partnership with a proven winner in Larry Tanenbaum.”
Mr. Tanenbaum is also chair of Maple Leaf Sport & Entertainment (MLSE), parent to the Toronto Raptors, winners of the 2019 NBA championship.
The Tempo selected CIBC as a partner after fielding offers from all the major banks, Tempo president Teresa Resch said in an interview. “The Tempo represents a movement, not a moment, and we are thrilled CIBC recognizes the WNBA’s potential in Canada,” the former Raptors executive said.
The launch of women’s professional sports leagues opens a new front in the marketing wars between domestic banks. Bank of Nova Scotia, long a sponsor of NHL hockey, stepped up as a founding partner in the six-team Professional Women’s Hockey League, which launched in January, 2024.
“Our goal is to ensure the Tempo become part of the DNA of sports in Canada,” said chief revenue officer Lisa Ferkul in an interview. She said the Tempo plans to build a cross-country following by playing games in Vancouver, Montreal and Halifax.
The Tempo will create a “CIBC courtside club” with reserved seats at home games. Toronto-Dominion Bank does much the same with seats behind home plate at Toronto Blue Jays baseball games.
“We feel the energy building around landing a WNBA franchise in Canada and we’re proud of the work our teams are doing to make this a win for fans and also for our communities,” said Stephen Forbes, executive vice-president of CIBC, in an e-mail.
CIBC’s current links to sports include TV ads featuring Edmonton Oilers star Connor McDavid and logos on Ottawa Senators jerseys.
The WNBA began play in 1996 and is now considered the premier professional women’s league. This season, the Golden State Valkyries will become the league’s 13th team. Next year, Toronto and Portland will join.
Last year, WNBA television ratings soared as Indiana Fever rookie Caitlin Clark, a standout college player, helped draw new fans to the game. Broadcaster ESPN showed 24 WNBA games and averaged 1.2 million viewers, up 170 per cent from 2023.
In January, the Tempo announced cosmetics company Sephora as its initial sponsor. Players will sport both Sephora and CIBC logos on their jerseys. Looking ahead, Ms. Ferkul said CIBC and Sephora will be part of upcoming Tempo events such as next year’s entry draft, free agent signings and college draft.
In March, retired tennis star Serena Williams purchased a stake in the Tempo. Mr. Tanenbaum is expected to bring additional partners into WNBA team’s ownership group.
The Tempo is part of Mr. Tanenbaum’s plan for a sports empire outside of MLSE, which also owns the NHL’s Maple Leafs, MLS’s Toronto FC and CFL’s Toronto Argonauts.
Rogers Communications Inc. is in the process of building a 75-per-cent stake in MLSE by acquiring BCE Inc.’s portion of the platform for $4.7-billion and is expected to exercise its option to acquire Mr. Tanenbaum’s 25-per-cent stake in 2026, which would give the telecom company full ownership.