The $188 million stadium in Dunedin, if it goes ahead, will
be named Forsyth Barr Stadium at University Plaza.
Principals of the Dunedin-based sharebroking and investment
company yesterday signed a 10-year agreement with the
Carisbrook Stadium Trust for the "head naming rights".
Neither party would say how much the deal was worth.
Forsyth Barr chairman Eion Edgar would say only that it was a
"significant sum", but was "certainly not" what the trust
would have liked "and probably more than we would have liked
While the suggested value of the naming rights has not
previously been divulged publicly, in December 2007 trust
marketing adviser Brian Meredith reported to the Dunedin City
Council that head naming rights would equate to up to 22% of
the $45.5 million required from private sector funding - a
sum equivalent to just over $10 million.
After a signing ceremony for the media yesterday, managing
director Neil Paviour-Smith, of Wellington, said the move
would give the company profile, "putting our name on an asset
that will have some prominence, not just in Dunedin, but
throughout New Zealand".
The company was founded in Dunedin in 1936 and the opening of
the stadium would coincide with the company's 75th
anniversary, he said.
"It's an opportunity for us to express our confidence in the
future and demonstrably through a very significant
sponsorship such as this."
He had closely followed the development of Westpac Stadium in
"In hindsight, the stadium has been a huge asset for
He acknowledged there needed to be "robust" debate over the
"It is a big cost, but I think the way in which interest
rates are moving, building costs are moving, in some ways
possibly it's getting more affordable, perhaps, than where it
was a few months ago," Mr Paviour-Smith said.
He also believed the stadium was "the kind of project" the
country needed to help come through the economic crisis.
"I look forward to central government supporting the project
through whatever means they can."
Mr Edgar said the stadium would be "an outstanding asset" for
Otago and the country.