Telecommunications company O2 has reached an agreement with venue owner and operator AEG to retain naming rights to The O2 in London for a further 10 years.
Financial terms of the agreement, which will run until 2027, were not disclosed, but The Guardian newspaper reported that the deal would be worth around £125m (€148m/$156m).
The multi-purpose venue hosts the annual ATP World Tour Finals tennis event and is a regular destination for NBA basketball fixtures, top boxing events and Ultimate Fighting Championship promotions. The O2 also hosted gymnastics events during London’s staging of the summer Olympic Games in 2012.
Under the fresh agreement, O2 customers will be granted more early access to tickets for shows at the venue. O2 and AEG will also make joint investments to ensure customer spaces, arena access and in-venue experiences are of a high standard.
As part of the deal, O2 will provide high-density Wi-Fi throughout the venue, as well as facilities to host more customers and their guests pre-show. O2 will also work to provide a more personalised in-arena experience for fans by installing new technology to track and analyse crowd movements.
O2 first agreed to take naming rights to the venue, which was formerly known as the Millennium Dome, back in 2005.
Paul Samuels, executive vice-president of AEG Europe, said: “Together AEG and O2 have created the world’s most popular music and entertainment venue, now celebrating its 10th year of operation. From signing the deal back in 2005, O2 have become a significant and transformative force in the music business and our partnership has enabled countless benefits and experiences for their customers and all music, sports and entertainment fans.”