The Otago Nuggets have struck gold - OceanaGold.
A day after being accepted back into the National Basketball League, the franchise has revealed the gold-mining company will take over the naming sponsorship from Cartridge World for the 2010 season.
Basketball Otago chairman Ricky Carr would not say what the one-year deal was worth but described it as significant.
"I can tell you it is a substantial contribution, which will allow us to get them back on the floor. So it is a good sum," Carr said.
While Carr would not be drawn on how much Oceana-Gold was contributing, the franchise expects to earn $150,000 from sponsorship and corporate boxes.
Wickliffe Press, the Nuggets' major sponsor in the 1990s, was believed to have poured in about a million dollars in nearly 10 years of involvement with the franchise.
The Nuggets struggled in their last four seasons, winning just nine of their 72 games.
But Carr believes OceanaGold's support will make the team competitive on the court.
"Basketball Otago has been in negotiations with a number of players who will form a solid competitive base for the Nuggets," he said.
The Nuggets have a licence for the next three years and Carr said the intention was to develop the team over the contracted period.
"We are mindful that high-performance sports have struggled in the current economic environment and we firmly believe that we have a clearly defined pathway for our development programmes for both young men and women."
Not all of the money will go to the Nuggets.
The development programme will also get an injection of funds.
"The new partnership will enhance not only the premier men's team but, just as importantly, will provide a platform for expanded development programmes in our local community.
"This is a great outcome for youth basketball in the Otago region and we look forward to engaging with the community as part of this partnership arrangement."
OceanaGold chief operating officer Mark Cadzow said the company was pleased to help bring an NBL team back to Dunedin.
"OceanaGold is particularly excited about the opportunities this partnership will provide to develop new, and enhance existing, grassroots-level youth basketball programmes throughout the region."
NBL chairman Sam Rossiter-Stead described the sponsorship deal as a "major step in securing the team's future", adding it was beneficial for the entire league, not just for the Otago basketball community.
Rossiter-Stead said the board was on "draft four or five" of the draw but confirmed the league will follow the same format as last year - a home and away round-robin series beginning in March with the play-offs and finals in June.
