New Delhi: The Pakistan Cricket Board (PCB) is reportedly said to have completed a billion-dollar deal with a private bank to sell the naming rights of the Gaddafi Stadium. After renaming the National Stadium in Karachi to the National Bank Cricket Arena in October 2022, the PCB is set to repeat the same move with the Gaddafi Stadium, which was established in 1959.
Although the board is yet to officially confirm the development, a report from news agency Press Trust of India mentioned that the insiders said the deal was completed. According to the report, the PCB has signed a deal worth PKR 1 billion with a private bank as the sale of naming right of the Gaddafi Stadium for five years.
“The deal is for one billion rupees while the board had sold naming rights for the Karachi stadium for 450 million dollars,” one insider said, as quoted by news agency Press Trust of India.
When was naming rights of Gaddafi Stadium started?
It was former Pakistan cricketer Ramiz Raja, the chairman of the PCB between 2021 and 2022, who initiated the process of the naming rights sale of the Gaddafi Stadium in 2021. In fact, the National Stadium’s deal was sealed during his tenure itself.
The PCB, now headed by interior minister Mohsin Naqvi, wants to manage some of the costs of renovating three main stadiums in the country for the ICC Champions Trophy 2025 through such deals.
“Naqvi also wants to increase revenue streams to support domestic cricket which will benefit Pakistan cricket,” the source added.
The Karachi stadium is currently under renovation as the second Test between Pakistan and Bangladesh (August 30-September 3) was moved to Rawalpindi, which also hosted the first match. The move behind the renovation is the ICC Champions Trophy 2025, which is scheduled from February 19 to March 9, in Pakistan.
Pakistan are the defending champions of Champions Trophy 2017 after defeating arch-rivals India by 180 runs at the Oval. The tournament hasn’t been held since then.
According to the report, the PCB has signed a deal worth PKR 1 billion with a private bank as the sale of naming right of the Gaddafi Stadium for five years. Cricket Sports News: Latest Cricket News, Cricket Live Score, Sports Breaking News from Sports Today
