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The university asked the council, which owns the ground, for the name change so the university could take advantage of the marketing opportunities from a greater association between it and the ground.
The university and the council have a deed of agreement, signed in 2003, for the use of the ground at Logan Park, which is home to Otago Cricket and the Otago University Rugby Football Club.
It hosts domestic and international cricket and club rugby.
Mayor Dave Cull said at Monday's full council meeting that even though the ground would not be known by its name during the upcoming 2015 Cricket World Cup, the university could still refer to it by name in its communications, and felt that would be an advantage for it.
If the council could help the university get its name in the public eye more, that would benefit the city, he said.
Cr Jinty MacTavish said she was initially uncomfortable about setting a precedent about naming rights for council land, but after learning there was a historic agreement she was confident the situation was different from any other.
It was expected the university would cover any costs related to the name change.