The Pakistan Cricket Board (PCB) have reportedly finalised a deal of PKR 1 billion with a private bank, to rename the iconic Gaddafi Stadium in Lahore for a period of five years. This stadium in the north-eastern city of Punjab in Pakistan was named after former Prime Minister of Libya Muammar al-Gaddafi, but now, it will have a new name.
As per the report from the Times of India, the PCB are yet to officially make an announcement regarding the new name of the Gaddafi Stadium, but the deal has been completed according to the insiders privy to it. “The deal is for one billion rupees while the board had sold naming rights for the Karachi stadium for 450 million dollars,” said an insider.
It is not the first-time that a cricket stadium in Pakistan has been renamed by sponsors. The National Stadium in Karachi is currently known as the National Bank Cricket Arena, which is located on the south coast of Pakistan.
Notably, under Ramiz Raja, the former PCB chairman, the trend of selling naming rights for cricket stadiums to willing entities came into being in the year 2021, which led to the National Stadium in Karachi being renamed. Now, under Mohsin Naqvi, the PCB are looking to bring in revenue from these kinds of deals to renovate and maintain these stadiums, apart from supporting domestic cricket in Pakistan.
The insider said, “Naqvi also wants to increase revenue streams to support domestic cricket which will benefit Pakistan cricket.”