The Polish Energy Group (PGE) will pay 8.5 million euro to acquire rights to name of the EURO 2012 stadium in Gdansk.

PGE Arena Gdansk, previously the Baltic Arena, will start using the new name on 31 May and continue doing so until 2015.

PGE - which made its debut on the Warsaw Stock Exchange last November when the state treasury sold a 20 percent stake in the power giant - will pay 35 million zloty (8.5 million euro) for the naming rights.

The city of Gdansk sold the rights in order to cover some of the costs of the stadium’s construction. “The money will also cover maintenance costs, which are estimated at 10 - 12 million zloty (2.5-3 million euro) a year,” says Michal Kruszynski from the Euro 2012 Investments Office in Gdansk.

Tenders for the sponsorship contract for the Gdansk stadium was opened in November 2009. PGE and the oil firm Lotos were the final competitors for the contract which also includes the display of the company’s logo at the stadium.

PGE Arena Gdansk will host a quarterfinal of EURO 2012 and three group matches. The stadium, which is designed to look as if it were made of Baltic amber, has a capacity for 44,000 spectators. Construction of the PGE Arena Gdansk started in 2008 and is scheduled to be completed in 2011. The cost of the investment will amount to 630 million zloty (150 million euro). (mg/pg)

Source: PAP

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