O2 signs record £200m deal to keep London venue’s naming rights
Source: The Guardian ·
Exclusive: 10-year sponsorship extension at a 50% premium on last agreement crowns bonanza year for live venueO2 has struck a record £200m deal to retain the naming rights to the London venue the O2 in what is thought to be the largest renewal of its kind in UK history.The 10-year agreement will extend O2’s relationship until at least 2038. It cements the sponsorship as the second…
From the source
O2 has struck a record £200m deal to retain the naming rights to the London venue the O2 in what is thought to be the largest renewal of its kind in UK history. The 10-year agreement will extend O2’s relationship until at least 2038. It cements the sponsorship as the second longest-running UK stadium naming rights deal after Arsenal’s partnership for the football club’s London ground, Under the deal with Anschutz Entertainment Group (AEG), which bought the site of the ill-fated Millennium Dome five years after it was shut following the millennium celebrations, O2 is thought to be paying about £20m a year in the wide-ranging partnership. This is an almost 50% increase on the annual amount under the existing deal which was due to expire at the end of next year. It is more than triple the £6m a year O2 paid in its initial 10-year deal when the future success of the O2 and surrounding site was far from certain. “Everyone thought it would never work, that it was crazy building on the site…