A global economic downturn might make other corporate sponsors think twice but it hasn’t stopped local broking house Forsyth Barr from writing a “substantial” cheque to secure the naming rights to the new Otago stadium.
The new 30,000-capacity stadium, which is due to be completed in time for the 2011 Rugby World Cup, will be called Forsyth Barr Stadium at University Plaza.
Forsyth Barr chairman Eion Edgar refused to say how much the naming rights of the stadium had cost the company but did describe it as “substantial.”
“This will raise our profile as we expand around the country. The Stadium adds another dimension to Dunedin and Otago and is something our people will use and be proud of,” he adds.
Stadium Trust chairman Malcolm Farry says: “This is a very significant milestone in the community’s progress towards achieving the private sector funding target set by councils of $27.3 million.”
The naming right deal comes at a time when other large corporate sponsors have pulled out of deals. Philips withdrew as a sponsor from the All Blacks last year while ING have cut back on their Formula 1 spending.
The University of Otago has secured the naming rights to the Stadium Plaza.