Canberra Stadium To Announce First Naming-Rights Sponsor On Thursday
Canberra Stadium "will have a naming rights sponsor for the first time in its history" when the Australian Capital Territory government "announces a new corporate backer on Thursday for the capital's premier sporting venue," according to Chris Dutton of the CANBERRA TIMES. The government "has secured a deal, but it had to lower its asking price after going on a two-year search to find a financial partner." The money from the sponsor "will help subsidise upgrade works and maintenance" at the home of the Super Rugby ACT Brumbies and National Rugby League Canberra Raiders. The aging stadium "is nearing the end of its lifespan and it was originally hoped exposure in the NRL and Super Rugby would attract a price" of between A$500,000 ($481,500) and A$1M a year. The maintenance and upgrade costs at Canberra Stadium are about A$2M a year. The government "has plans to build a new undercover multi-purpose stadium in Civic by 2020" (CANBERRA TIMES, 10/24).