First National Bank (FNB) would like to respond to the statement issued by Primedia Sport early this week [Wednesday 5 August] regarding the fact that it had acquired the commercial rights to Johannesburg's most famous football venues including the National Stadium South Africa (formerly Soccer City), and the Orlando and Dobsonville stadiums.In 2007, an agreement was concluded between the Department of Public Works, Soccer City, the Stadia, Soccer Development Trust, SAFA and FNB a division of FirstRand Bank Limited retaining the following rights:
- Full naming rights for a period of 10 (ten) years from 7 July 2004 were granted to FirstRand Bank Limited. These naming rights grant to FirstRand Bank Limited the exclusive right to name the stadium "First National Bank Stadium" or "FNB Stadium", or any other such name as may be chosen by FirstRand Bank Limited from time to time. The State, the Trust and Soccer City all agreed to procure that FirstRand Bank acquires and retains the rights for the period.
- During the World Cup period, in compliance with the FIFA requirements, FNB agrees that the name and/or logo of the stadium is changed for a period commencing 3 (three) months prior to the opening match of the competition (to be held from 11 June to 11 July 2010). This waiver concludes 1 (one) week after the last match or event of the competition that is held in the stadium.
As such FNB, as a division of FirstRand Bank Limited, owns the naming rights to the FNB Stadium, (also known as National Stadium South Africa - formally Soccer City).
