Patersons Securities has signed a deal with the West Australian Football Commission to rename Subiaco Oval Patersons Stadium.
Patersons Securities has signed a deal with the West Australian Football Commission to rename Subiaco Oval, Patersons Stadium.
Patersons chief executive Michael Manford confirmed the agreement is worth $3.5 million over four years.
"It was a commercial opportunity that the WA Football Commission put out there into the market place and we've taken advantage of that," Mr Manford told the ABC.
Mr Manford said the money will be fed back into the community by the WA Football Commission.
"They've (WAFC) got obligations to fund new sporting facilities, football equipment for kids, programs and all sorts other initiatives.
"We think that sponsorship to the general football community of Western Australia will be very helpful.
He said it was a long-term proposition and was under no illusion that it would take sometime for people to get use to the idea of calling Subiaco Oval, Patersons Stadium.
"I'm sure a lot of people will still want to call it Subi Oval but I feel over a period of time that we'll be able to get that brand recognition for Patersons Stadium but it's not a short term proposition," Mr Manford said.
He said the deal was also about wanting give Patersons more of a national branding presence.
Mr Manford said the deal would respect the heritage aspects of the Oval.
"Absolutely we will completely respect the heritage issues but you know this all about supporting the community and actually building Patersons brand out there across Australia because we are a national firm wanting to increase our brand recognition right across the Australian market place."
But the City of Subiaco has opposed the decision.
But City of Subiaco deputy mayor Paul Clements said the council would explore their legal options to block the move.
"We're not happy at all," Mr Clements said.
"There's a lot of heritage at that site and I think it's very short-sighted of them to change the name of the oval.
"We find it offensive because they lease the property for no cost and so to desecrate it goes against the grain.
"We have had a lot of people telling us loud and clear to fight it and we will."
In 2003, the Subiaco Council blocked a multi-million dollar move for Subiaco Oval to be renamed Crazy John's Stadium.
WAFC chief executive Wayne Bradshaw said the naming-rights sponsorship was inevitable and would help grow grass roots football in WA.
"We think it's inevitable that stadia will need to go down the naming rights path," Bradshaw said.
"From our perspective we are trying to develop community benefits, and to do that we need some funds.
"... We now need to apply more funds to continue to have our kids actively engaged in sport.
"So naming rights is a property that's associated with a stadium and we've been looking for a number of years to achieve a naming rights sponsor."