Allianz has made its second major move into the stadium naming rights market by agreeing a 10-year deal that is set to aid major redevelopment work at Sydney Football Stadium in Australia, reports Sport Business. The German insurance giant will put its name to the 45,500-seat venue in a deal the Sydney Cricket Ground (SCG) Trust says will be worth "tens of millions of dollars".
The Football Stadium sits adjacent to the historic cricket ground in Sydney and SCG Trust chairman Rodney Cavalier described the sponsorship deal as one of the biggest in Australian sport. Exact financial details have not been disclosed.
He added to The Australian: "The timing of this announcement is perfect as it comes towards the end of the cricket season and the beginning of the football season."
Allianz's involvement is set to inspire the redevelopment of the Football Stadium, which first opened in 1988. One of the key features of Munich's Allianz Arena is its ability to light up the exterior of the building in the colours of the team competing at the venue - a feature that is set to be replicated for the new-look Sydney Football Stadium.
SCG Trust chief executive Jamie Barkley said: "Part of the Trust's vision is to install stadium exterior lighting as well as modifying the roof. Once the Allianz Stadium is refurbished, it will stand out on Sydney's skyline." "They think in the long term," Cavalier said of Allianz. "They've made a solid analysis of the value of this stadium in associating their name with it, only the second place in the world after Munich, the company's headquarters. It's a good indication of their confidence about the future of this stadium and the future of sport in Sydney."
Super Rugby franchise the NSW Waratahs, National Rugby League (NRL) clubs Sydney Roosters and Wests Tigers, and A-League football team Sydney FC all call the Football Stadium home, while the venue also hosts international sport and entertainment events.
