Britam plans to spend Sh40 million to repaint the popular stadium in its corporate colours, with the balance of the cash going towards refurbishment and paying the facility’s management for the rights.
Financial services firm Britam has won branding rights for Nyayo National Stadium in a deal worth over Sh100 million, taking over from soft drinks manufacturer Coca-Cola.
Britam plans to spend Sh40 million to repaint the popular stadium in its corporate colours, with the balance of the cash going towards refurbishment and paying the facility’s management for the rights.
Coca-Cola had in 2009 obtained three-year naming rights for Nyayo National Stadium in a deal that aborted after stakeholders — including the government — opposed the firm’s proposal to rename the facility.
“We have just started painting the facility and we expect to be through by the end of this month,” Muthoga Ngera, Britam’s corporate affairs director, told the Business Daily on Friday.
“Once this is done, we shall explore how best to refurbish the facility including replacing seats and improving the lavatories.”
Britam’s blue corporate colour is now set to replace Coca-Cola’s red, marking the end of what was a highly controversial project for the multinational soft drinks firm.
Coca-Cola’s bid to rename the stadium five years ago failed after former Sports minister Helen Sambili annulled the agreement saying the facility represented too much of Kenya’s history for its name to be changed.
This decision was made despite Coca-Cola having paid Sh16.5 million as deposit to the Sports Stadia Management Board (SSMB), the outfit that manages the country’s sports facilities.
Protracted negotiations with government saw the soda maker receive branding rights for one year beginning April 2012. Upon expiration of this agreement, the SSMB floated a new tender offering branding and naming rights for Nyayo National Stadium, Kasarani Indoor Arena, and Kasarani Main Stadium.
Safaricom won the rights for both Kasarani facilities, in a Sh210 million two-year deal which also caused a row in Parliament with claims that changing the stadium’s name was a dishonour to a national landmark.
Safaricom paid Sh55 million to the SSMB and plans to spend Sh155 million to refurbish the main stadium, its facilities and the gymnasium.
Mr Ngera, however, says Britam does not intend to change the name of Nyayo Stadium, a move which will see the insurance company steer away from potential public outcry.
“The stadium shall retain its name; we are only interested in making the facility have a pleasant atmosphere for sports enthusiasts,” he said, adding that the Britam also recently signed a deal to become Mathare United Football Club’s official sponsors.
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