City of Mississauga staff say they’ve ended a notable naming rights deal with Paramount Fine Foods, alleging the restaurant chain hasn’t met its payment obligations.In a statement issued Tuesday morning, the municipality announced the decision to drop the Paramount Fine Foods Centre name as of June 1 after nearly eight years. Located on Rose Cherry Place near Highway 403 and Matheson Boulevard East, the main arena is home to the Raptors 905 team. There are also ice rinks, an artificial turf fields, gymnasiums, fitness amenities, a meeting space and a lounge.Municipal officials said the City of Mississauga-owned facility will temporarily be known as the Mississauga Sports and Entertainment Centre until “a new naming rights partner is found.”“The City unilaterally terminated the contract with Paramount Fine Foods for lack of payment and is in the process of considering its legal options for remedy,” the statement said.In a video shot outside the centre and posted to Instagram on Monday, Paramount Fine Foods CEO Mohamad Fakih said his company’s name is being removed from the property.“Like every sponsorship, there comes a time when one chapter ends and another one begins. After more than a decade, we’ve made the decision to conclude our sponsorship and redirect our community investment toward new initiatives and opportunities across Mississauga,” he said. “We are excited about what comes next and look forward to sharing those plans with you in the months ahead.”Fakih went on to thank the municipality and staff at the centre as well as Mississauga residents.“While our name may no longer be on this building, our commitment to Mississauga remains unchanged. The city is our home. It’s where our journey began, and it will continue to be where we invest our time, our resources and our support for the community,” he said.Throughout the two-minute-and-32-second video, Fakih didn’t address allegations of non-payment.“There are no impacts to scheduled programs, bookings, rentals or events at the facility. All bookings will continue as planned, and tickets that reference Paramount Fine Foods Centre will be honoured,” the statement from municipal officials said.“During the transition period, both the former and new facility names may appear in communications, listings and customer materials.”A concession agreement for the complex will also end at the same time, and the City of Mississauga will assume responsibility for food operations.“The City’s priority is to minimize disruption while ensuring a high-quality experience for all visitors and guests,” the statement added.Officials didn’t elaborate on the circumstances surrounding payments or how much is allegedly owed to the municipality.CityNews contacted Paramount Fine Foods Tuesday morning to ask about the City of Mississauga’s statement, but a response wasn’t received by the time of publication. This story will be updated if a response is received.