Karachi: The naming rights for Gaddafi Stadium in Lahore have been sold for 1 billion rupees.
The Pakistan Cricket Board (PCB) has reached a five-year agreement with a bank in Punjab.
Previously, the naming rights for National Stadium Karachi were sold for 450 million rupees for a similar period, so the new administration has succeeded in securing a larger deal at double the amount.
Details reveal that the PCB is upgrading stadiums in Karachi, Lahore, and Rawalpindi before the Champions Trophy, with billions of rupees being spent.
Efforts are also being made to recoup some of these expenses.
Recently, the PCB issued a tender for the naming rights of Gaddafi Stadium in Lahore.
Sources have reported that a five-year contract worth 1 billion rupees has been agreed upon with the bank in Punjab.
The name of Gaddafi Stadium will now be changed to that of the bank.
Previously, during the tenure of former chairman Ramiz Raja in 2022, the naming rights for National Stadium Karachi were sold for 450 million rupees and it is now called National Bank Cricket Arena. This five-year contract will conclude in 2027.
Under the leadership of Mohsin Naqvi, the current PCB administration has secured the Lahore deal for more than double the amount compared to Karachi.
The chairman has also initiated several other projects to bring revenue into domestic cricket, which will benefit the PCB significantly.
Globally, it is common practice to name sports stadiums after sponsors. Many cricket venues in Australia and England are named after sponsors, and this is considered a significant source of revenue.
The PCB plans to sell the naming rights of more stadiums to sponsoring organizations in the future.