STATE-OWNED Bord Gáis is set to buy the naming rights to the Grand Canal Theatre in Dublin’s Docklands, which is run by Harry Crosbie and Live Nation.
The Irish Timeshas learned that the energy provider has agreed a six-year deal with the 2,100-seat theatre, which opened in March 2010 with a performance of Swan Lake.
Bord Gáis declined to comment on the naming rights deal yesterday but said: “We are reviewing our sponsorship strategy at present and therefore it is premature to comment on speculation about individual opportunities.”
It is not clear how much Bord Gáis will pay for the sponsorship but sources suggested it could be about €400,000 a year.
Mr Crosbie was reported to have sought €1 million for the rights in advance of its opening.
But the recession and difficulties faced by many companies in the financial and consumer sectors has affected sponsorship valuations.
Venue naming rights have taken off in Ireland in recent years.
Mobile operator O2 sponsors the former Point Depot while Aviva secured the rights to the rebuilt Lansdowne Road stadium.
Both deals have worked well for the companies, and Bord Gáis will hope its deal will prove similarly popular with consumers.
Bord Gáis is engaged in a competitive three-way battle with ESB and Airtricity for market share in the gas and electricity sectors.
It has about one million customers, including 460,000 electricity subscribers secured as part of its “Big Switch” marketing campaign in the past two years.
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