Lahore, 30 August 2024 (TDI): A five-year deal with Bank of Punjab (BOP) has been successfully secured by the Pakistan Cricket Board (PCB) through the sale of the naming rights to Gaddafi Stadium in Lahore for a sum of Rs1 billion.
This agreement represents a major win for the PCB’s new management, as it generates over twice as much revenue as the previous naming rights contract for National Stadium Karachi, which was sold for Rs 450 million for an equivalent period of time.
Information reveals that the PCB is spending billions of rupees to renovate the stadiums in Karachi, Lahore, and Rawalpindi in front of the Champions Trophy 2019.
The PCB recently held a tender for Gaddafi Stadium for naming rights in an effort to partially recover the costs.
According to sources, a five-year, Rs. 1 billion contract has been agreed upon with a Punjab bank. The bank will now be honored in the stadium’s new name.
In 2022, National Stadium Karachi had a makeover as National Bank Cricket Arena after the naming rights were sold for Rs450 million during the tenure of former Chairman Ramiz Raja.
The end of that five-year agreement is set for 2027.
The current PCB administration, under by Mohsin Naqvi, has collected around twice as much money for Lahore’s stadium as it did for Karachi.
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In addition, the chairman has started a number of additional initiatives that should greatly help the Pakistan Cricket Board (PCCB) and increase revenue for the sport.
Across the world, it is customary for sports stadiums to bear the names of their sponsors. This tradition has been especially prevalent in nations like Australia and England, where a number of cricket facilities bear the names of sponsors.
Many believe that this strategy will significantly increase revenue.
Subsequently, the PCB intends to sell sponsors the naming rights to still other stadiums.