Carisbrook Stadium Trust chairman Malcolm Farry says he will not respond to claims made about the trust's sponsorship agreement.
Stadium funding opponent Bev Butler told the recent Dunedin City Council annual plan hearings Forsyth Barr had "paid nothing" towards the head naming rights for the stadium, and suggested the council should ask the company to do so to reduce borrowing costs.
She said the first payments were not due until after the completion of the stadium.
Ms Butler told the hearing she obtained the information by making a Local Government Official Information and Meetings Act request.
Principals of the Dunedin-based sharebroking and investment company signed a 10-year agreement with the trust for the head naming rights in 2009.
Neither party would say then how much the deal was worth, although estimates at the time suggested a sum of about $10 million.
Asked this week whether Ms Butler's information was correct, Mr Farry said: "This is a commercial contract and I would be breaking an agreed confidentiality clause if I made any comment."
