Mississauga’s Paramount Fine Foods Centre to be renamed. Here’s why.

Paramount Fine Foods Centre in Mississauga is pictured here. (CTV News)

Mississauga’s largest sports and entertainment venue will be getting a new name after the city terminated its naming rights agreement with Paramount Fine Foods, which allegedly owes more than $1 million in payments—a claim the restaurant chain’s founder called misleading.

In a news release on Tuesday, the city announced that the Paramount Fine Foods Centre at 5500 Rose Cherry Place will be temporarily named the “Mississauga Sports and Entertainment Centre” starting June 1, while it looks for a new naming partner.

“The City unilaterally terminated the contract because Paramount Fine Foods failed to pay the City of Mississauga what it was owed over a prolonged period of time as per the contract terms. The City tried its best to work with Paramount but was unable to reach a resolution and receive payment,” the release read.

The city noted that the Mississauga-based restaurant owes $1.6 million.

“The City’s primary goal is protecting taxpayer dollars,” the release read. “To recoup these costs, the City will be pursuing legal action in the coming weeks.”

The city noted that residents, tenants and organizers should expect “business as usual” at the facility while staff update signage and on-site information.

“The City’s priority is to minimize disruption while ensuring a high-quality experience for all visitors and guests,” the release read, adding that all bookings and tickets that referenced Paramount Fine Foods Centre will be honoured.

The city also shared that it would assume food service operations at the facility.

The venue is home to the Toronto Raptors’ affiliate, the Raptors 905, which plays in the NBA G League.

‘Misleading public statement’: Fakih

In 2018, the venue was renamed Paramount Fine Foods Centre after the Mississauga restaurant signed a 10-year naming-rights agreement with the city.

In a social media post on Tuesday afternoon, the founder and president of Paramount Fine Foods, Mohamad Fakih, said he was disappointed that the city released a “misleading public statement” about the end of their partnership.

He added that his company has been “ready and willing” to pay the city for over six months.

“Since buying back control of Paramount last year, I have dedicated myself to ensuring that all of its partners, associates, and suppliers were made whole if anything was owing to them from my time as a minority shareholder. This was especially the case with the City of Mississauga,” Fakih said.

He added that his company has been working with city staff for months, “months to finalize a mutually beneficial end to the partnership that ensures the citizens of Mississauga are protected and will not bear any burden in connection to Paramount.”

Fakih questioned the city management’s “inexplicable decision” to release a public statement without notice and in the middle of negotiations.

He disputed the city’s claims, saying they are a “one-sided and misrepresentative version of the partnership’s ending.”

“This was not the actions of a party acting in good faith,” Fakih said.

On Tuesday morning, a smiling Fakih posted a video of himself outside the centre, which he said meant a lot to him, his company and the city.

“Over the years, countless residents have come here to play sports, cheer their teams, attend concerts, celebrate milestones and spend time with their family and friends. Being part of those moments has been a privilege for us,” Fakih said.

“This was never just about putting a name on a building. It was always about supporting the city.”

Fakih said the company decided to end the sponsorship and redirect its community investment towards new initiatives and opportunities across Mississauga.

“While our name may no longer be on this building, our commitment to Mississauga remains unchanged,” he said.