The ACT government has secured a seven-figure naming-rights deal for Canberra Stadium worth between $300,000 and $350,000 a year for at least four years.
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From January 1, Canberra Stadium will be known as GIO Stadium Canberra after the ACT government struck a four-year deal with an option to the end of 2021 with GIO Insurance.
It allows GIO to increase its presence in the ACT after moving into the market for compulsory third-party insurance this year.
Suncorp-owned brands AAMI and GIO, along with the Australian Pensioners Insurance Agency, have been granted licences to offer compulsory third-party insurance, ending NRMA's monopoly.
The length of the deal also allows a proposed new rectangular stadium to be built in Civic in 2020 to have a naming-rights sponsor from its inception.
When the ACT government began canvassing options for a naming-rights sponsor for Canberra Stadium midway through 2011, the market range was in the vicinity of $400,000 to $600,000 a year.
Since then, the economic impact of the global financial crisis and the increased avenues for sponsors to promote their products through new media channels have driven down the market value.
It is the first naming rights sponsorship for Canberra Stadium since it was built in 1977.
In announcing the deal on Thursday, ACT Sports Minister Andrew Barr said he was ''delighted'' with the outcome and it was in line with market valuations.
"We have gone to an independent market valuation that's provided a range of what this sponsorship would be worth in the marketplace,'' Mr Barr said.
''We've achieved an outcome that is within that range that is mutually satisfactory.
"The global financial crisis certainly impacted upon the sponsorship for major venues.
''This is a very good sponsorship arrangement.''
The figures were decided upon using independent market research and were affected by the lack of free-to-air television coverage given to the ground's two major tenants, the Canberra Raiders and the ACT Brumbies.
The Raiders did not have a single NRL home game shown on Channel Nine this year, while all of the Brumbies' Super Rugby games are broadcast on pay television provider Fox Sports.
Manuka Oval's deal with StarTrack secured earlier this year through the GWS Giants meant Canberra Stadium was one of the few major sporting venues in
Australia without a naming rights sponsor. GIO Stadium Canberra will host NRL and Super Rugby games involving the Raiders and the Brumbies, along with six pool games and a quarter-final of soccer's Asian Cup in 2015.
There is the possibility of GIO having the naming rights to a new Canberra Stadium.
"That's a matter for discussion down the track, but we certainly recognise the level of commitment and interest GIO have shown in this market, so that gives us confidence in the short, medium and long term,'' Mr Barr said.
''We would want to continue discussions as we move into the development of a new stadium, but that's at the end of this decade and the next decade.
''It will certainly ensure there are the appropriate revenues for this venue.''
GIO executive general manager Chris McHugh said that the lack of free-to-air television coverage of the Raiders and the Brumbies - who have all their games on Fox Sports - did not affect the decision.
''The initial appeal is just being a part of the ACT market,'' Mr McHugh said.
''We get national coverage from this stadium and that's important for a national brand like GIO.
''We've looked at all the data relating to crowds and TV, and that's why we think the stadium deserves a corporate sponsor.''
