The Pakistan Cricket Board (PCB) has finalized a PKR 1 billion agreement with a private bank for the naming rights of Gaddafi Stadium in Lahore.
Although the PCB has not yet made an official announcement about the arrangement, reports have stated that it has been finished and that the Gaddafi Stadium would now bear the bank’s name, much like the National Stadium in Karachi.
“The deal is worth Rs1 billion, but the board has sold the naming rights of Karachi Stadium for $450 million,” the official said.
In 1974, the stadium situated here in Lahore was named after Muammar Gaddafi, the head of Libya.
In a monumental move for Pakistani cricket, the Pakistan Cricket Board (PCB) has finished a deal worth a staggering 1 billion rupees with a well-known private bank to modify the naming rights of Lahore’s illustrious Gaddafi Stadium for the following five years.
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While the PCB is yet to make an official announcement, sources close to the situation have confirmed that the arrangement has been secured, reflecting the new change at Karachi’s National Stadium, which now bears the bank’s name.
“The agreement is valued at a billion rupees, following the naming rights deal earlier concluded for the Karachi stadium at 450 million bucks,” a well-placed insider uncovered.
Initially dedicated to Muammar Gaddafi, the Lahore cricket stadium is steeped in history. The initiative to pursue naming rights for prominent cricket venues in Pakistan started under the helm of PCB’s former chairman and former captain, Ramiz Raja, back in 2021, culminating in the best deal for the National Stadium during his authority.
“The sale of naming rights to Gaddafi Stadium is important to the PCB’s overall strategy to improve revenue streams. With broad upgrades in progress at key stadiums in Karachi, Lahore, and Rawalpindi in front of the ICC Champions Trophy, the PCB is looking to offset renovation costs through essential organizations,” said a board official.
“The deal reflects a growing trend in Pakistan of sports venues adopting corporate names to boost revenue, a practice commonly seen in countries such as Australia and the UK.
Gaddafi Stadium, a setting with a rich history in Pakistan cricket, will currently join the list of cricket stadiums universally that have embraced corporate rebranding. “The PCB is liable to extend this way to deal with other cricket scenes the nation over.