BRIDGETOWN, Barbados, (CMC) – Cricket lovers and other people attending events at Kensington Oval may soon have to refer to the venue in a new way.

Kensington Oval Management Incorporated (KOMI), the Barbados government agency that manages the US $150 million venue, is seeking expressions of interest from Barbadian companies to have their names included into the arena’s name for the next five to 10 years.

Henry Inniss, the chief executive officer of KOMI, disclosed this was a new means to earn revenue for the facility, which was redeveloped to the tune of US $75 million for ahead of the 2007 World Cup.

“Naming rights represent an exchange of value between two entities where one pays a fee for the promotional value of placing its name on the other’s asset for a specified period of time,” said Inniss.

“This concept is not novel, but has been used by many stadia across the World, as a way of generating revenue to support the high cost of operating a stadium.”

Inniss noted that the famous Kennington Oval was now called the Brit Insurance Oval, and there were other examples of sponsors sharing naming rights.

“Naming rights with Kensington Oval, a highly visible World-class, multi-purpose facility, would be a tremendous asset for a company that is keen to further penetrate the local market or to maintain its market dominance,” he said.

“Kensington Oval is in a high-traffic area, and even when there are no events, the naming rights partner’s brand will be seen daily by thousands of persons on their way to and from Bridgetown.”

Apart from the sponsors brand being exhibited in highly visible areas around the ground, the successful company’s brand will also be included on official documents like letterheads, news releases, and advertising.

Kensington Oval has been the headquarters of the sport in the island for close to 130 years, and staged the first Test ever in the Caribbean between West Indies and England 80 years ago.

The ground has also staged the Final of the 2007 World Cup and the Twenty20 World CuP.