This was confirmed yesterday, with the expectation that these new subsidiary stadium sponsorship deals agreed from three other companies will secure over €5m for the stadium.
This partnership was confirmed, with the "matter of naming rights" set to be finalised at a special meeting of delegates to the Cork County Board, which will take place tomorrow (February 1).
Plans to rename the stadium initially emerged earlier this month, with a reported multi-layered naming rights deal for Parc Uí Chaoimh worth between €250,000 and €300,000 a year to Cork GAA. This proposal hit a snag after a public backlash over the plans, which led to a pause on further talks.
With no concerts taking place at the stadium last year, the venue's debt remains at €30m.
"Naming rights for the stadium are part of a broader commercial strategy by Cork GAA which is supported by One Cork", a statement from Cork GAA said this morning. "This aims to put Cork GAA on a stable financial footing to help develop the game at both local and county level".
Speaking about the deal, Cork County Executive Chairperson Pat Horgan said that they are "absolutely delighted".
"The Páirc has been an iconic part of Cork’s history and we are very excited about the next chapter of this fantastic stadium", Horgan said.
Kevin O'Donovan Cork GAA's CEO also insisted that this deal was "a step in the right direction" for the county.
“We are very excited to embark on a new journey with our partners in SuperValu, a retailer that has community and family at its core. We are confident that they will bring these shared values to the future of the home of Cork GAA," he said.
"The realisation of naming rights is another step in the right direction and shows the value that the Cork GAA brand retains as we continue to expand our commercial model in support of our games. As part of this process, we continue to engage with members of the Ó Caoimh family and keep them informed of developments".
It remains unknown whether Cork GAA had to take a so-called "haircut" on the stadium's original name, ensuring that 'Ó'Caoimh' was retained on the name.
SuperValu originally agreed that the stadium board would call the ground SuperValu Stadium. The corporation currently sponsors the All Ireland SFC and the Cork Senior Ladies team.
