Metricon Stadium to change its name after builder fails to renew Gold Coast Suns sponsorship deal
The Gold Coast’s largest stadium is set for a name change after a major sponsor called time on a multi million-dollar naming rights deal.
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METRICON Stadium will have a new name by the end of the year with the Gold Coast Suns losing two long-time sponsors on agreements worth millions of dollars.
However, the club is expected to unveil new replacement partners within weeks.
The club’s contracts with their stadium naming rights sponsor Metricon Homes and co-major jersey sponsor Cover-More are set to end on October 31, with neither expected to renew.
Despite the loss, Gold Coast is confident of plugging the revenue hole and is set to announce new partnerships as soon as next month.
A statement from Metricon confirmed the stadium would change its name after this year.
“We are very proud to have partnered with the Suns for more than 12 years, however it’s now time for Metricon to look at new opportunities which best suit the profile and future of the business,” the statement said.
“Although we are opting to not renew the naming rights for the stadium, we do hope to continue our connection and are exploring other commercial ways the relationship can continue.”
The Suns are understood to be in advanced talks with potential replacements for both major sponsors.
“For over twelve years, Metricon Homes has been a proud partner of the Gold Coast Suns through the good times and the tough times,” a statement from the club said.
“We want to thank Metricon Homes for that support and we appreciate everything they have done for the Gold Coast Suns and Gold Coast community in helping to establish a world-renowned stadium facility for not only major sporting events and concerts but also local community events.
“We’re really confident where the club is heading and we will have some exciting announcements to make in the near future.”
Metricon, which first signed with Gold Coast in 2011, contributed $11m to the club throughout its time as the naming rights sponsor. The company initially signed a five-year $3m deal from 2011-2015, signed a five-year extension worth $4m between 2016 and 2020 before contributing another $4m in 2019 for a two-year extension that took their partnership to 2022.
Metricon has endured a tough year in which it suffered the shock passing of CEO and founder Mario Biasin in May, as the industry grappled with rising costs and shrinking supplies.
The privately-owned home builder was forced to let go nine per cent of its staff and its owners tipped in $30m to maintain its cash position.
Travel insurance company Cover-More, which left the ASX in 2017 after a buyout by Zurich, has had challenges of its own in the wake of pandemic-fuelled border closures.
Cover-More’s Australian managing director Todd Nelson said the decision not to renew the compny’a five-year agreement was purely financial.
“This was an extremely difficult decision to make as Cover-More values our partnership with the GC Suns very highly and we respect and admire everything that the club stands for,” he said.
“Our decision was driven by financial considerations only as we seek to reinvest all available funds into our Australian business as we recover from the worst of the Covid-19 impact.
“We want to sincerely thank the GC Suns for everything they have done to promote our brand.
“We are confident that the club will continue their rise, and we will continue to watch their progress on-and-off the field with a great deal of interest and excitement.”
Cover-More currently takes turns with co-sponsor HostPlus in having their branding on the front and back of jerseys throughout the season, with Gold Coast hoping to include the women’s jerseys when a new sponsor comes on board.
The jersey and stadium rights departures come amid friction between sporting sponsors, teams and governing bodies.
The Australian netball team protested against the branding of mining giant Hancock Prospecting on their jerseys for the Constellation Cup after owner Gina Rinehart signed a multimillion-dollar deal with Netball Australia until the end of 2025.
Cricket Australia has also confirmed their multimillion-dollar partnership with Alinta Energy would end in 2023. It followed the decision by test and one-day captain Pat Cummins and other players to voice their concerns about the partnership.
Gold Coast is still heavily propped up by the AFL, receiving $26.317m in funding, the most of any club in the league, in 2021. Club powerbrokers estimate the revenue generated by the extra game the Suns have provided as part of the broadcast agreement since its inception into the competition more than covers the cost of its funding.
The AFL has all been approached for comment.
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