The Millennium Stadium will be renamed the Principality Stadium in a 10-year sponsorship deal with the Cardiff-based building society, according to the BBC. The new name for the 74,500-seat capacity stadium, the home of Welsh rugby, will be used beginning in January. It was built at a cost of £121M to replace the Nation Ground, Cardiff Arms Park, in time for the 1999 Rugby World Cup. The structure, owned by the Welsh Rugby Union, "is famous for having the only fully-retractable roof" on a U.K. stadium. WRU Chair Gareth Davies said, "Both parties are comfortable with the arrangement. I think a 10-year deal is significant in terms of naming rights for a stadium." In its last financial accounts in '14, the WRU's debt stood at £15M. That figure was once £75M "as a result of the stadium's construction costs" (BBC, 9/8). REUTERS' Justin Palmer reported the WRU said in a statement, "From 2001 the building society sponsored the WRU's main knock-out cup competition later progressing to become the 10-year title sponsor of the Premiership division in Wales. Today's announcement further strengthens its commitment to Welsh rugby at all levels and safeguards the long-term health of the nation's sport. In recognition of this support, the home of Welsh rugby, which has become an iconic symbol for Wales around the world, is to be renamed 'Principality Stadium' from January 2016." The stadium will host the Champions League final in '17 (REUTERS, 9/8).
