Major League Soccer’s Philadelphia Union has confirmed that US independent power producer Talen Energy has assumed the naming rights to its stadium.
Although the terms of the agreement were not disclosed, it was revealed that the facility, previously known as PPL Park, will now be renamed as the Talen Energy Stadium.
Shortly before the stadium’s opening in 2010, the club signed a 10-year deal with energy firm PPL Corporation for the naming rights to the facility. The agreement is said to be worth $20m (€18.9m).
However, PPL in June opted to spin off its PPL EnergyPlus business and combine it with generation assets owner by Riverstone Holdings, which in turn led to the formation of Talen Energy.
As a result, Talen Energy, which also serves as the team’s official energy supplier, will now take the naming rights to Union’s home stadium.
Dave Rowan, chief revenue officer and executive vice-president of Union, said: “While the name will be changing, we remain solely devoted to bringing our loyal fans the best possible game-day experience and we welcome this change as a recommitment to our values.”