News came this week that the greatest stadium at this year’s Rugby World Cup (as chosen by the Telegraph no less) and probably the greatest rugby stadium in the world will be changing it’s name in 2016. From January next year, ‘The Millennium’ will become ‘Principality Stadium’ following a ten year deal with Principality Building Society.
Principality has a long history of supporting the Welsh Rugby Union and has previously sponsored domestic cup and league competitions, but securing the naming rights to one of the most iconic venues in British sport is something of a coup.
The official statement confirming the news made no mention of the value of the deal to the Welsh Rugby Union and, more importantly, did not state whether the remaining debt tied to the stadium’s creation has finally been written off. One newspaper has reported that the deal is worth £15 million over the ten year period.
According to the latest Annual Report from the WRU (also published this week), repayable bank debt is now at an all time low of £14.2 million while 2014/15 was also a record year for turnover – £64.2 million.
The Millennium (which will remain as such until the new year) hosts its first of eight Rugby World Cup games on Saturday 19th September when Ireland face Canada.