Stadium Australia Group today confirmed that Sydney's premier sports and entertainment venue will have a new name and logo from 1 January 2008 following the announcement by ANZ of its new naming rights sponsorship.

The $4.5 million annual sponsorship valued at $31.5 million over seven years will be Australia's biggest stadium naming rights agreement.

The name change will bring to an end the highly successful naming rights sponsorship with Telstra, which saw the venue inaugurated as Telstra Stadium in 2002.

Stadium Australia Group (SAG), owner and operator of the stadium, warmly welcomed the landmark agreement with ANZ and praised Telstra for its role as foundation naming rights partner.

"The ANZ agreement is the biggest stadium naming rights deal ever seen in sports and entertainment history across Australia," said SAG Managing Director and CEO, Ken Edwards.

"We know ANZ as an Australian corporate icon and as a company that shares our values. That's why this partnership is such a great step for the Stadium."

Mr Edwards acknowledged Telstra for its pivotal support of the Stadium business and for its efforts to ensure the name change will be a seamless transition for the Stadium and its event partners.

"Since 2002 we have delivered a rich post-Olympic legacy to Sydney and NSW and hosted many memorable sporting moments," he said.

"Telstra's commitment in a period of growth and consolidation has been a pillar of strength in the Stadium's short history.

"Sydney is now established as a major event city largely due to the magnificent events at Telstra Stadium over the past six years.

"The Rugby World Cup, NRL Grand Finals, State of Origin, Wallabies Test matches, Socceroo internationals, Swans blockbusters and countless NRL club classics have all made their mark on our sporting landscape, while the U2 and Rolling Stones concerts have set new benchmarks.

"And it's important to acknowledge Telstra's co-operative approach in making sure that the name change and transitional period will have no impact on the event experience for our patrons and event partners."

Telstra Executive Director, Brand, Advertising, Media and Sponsorship, Mr Bill Obermeier said the Stadium had been a very valuable sponsorship asset to the company for almost six years.

"Since 2002, we have achieved great value and exposure for Telstra as a direct result of our naming rights sponsorship of the Stadium. We have been associated with some of Australia's greatest sports and entertainment events including the 2003 Rugby World Cup, State of Origin clashes and Socceroo World Cup qualifiers.

"Our relationship with the Stadium has helped us achieve almost ubiquitous brand awareness in Sydney," he said. "And having achieved that, we need to re-prioritise our marketing investments to enable us to communicate in greater detail all that Telstra is making possible for Sydney and all of Australia.

"As we invest differently in our sponsorship portfolio, we are pleased to have such a quality organisation in ANZ follow us as the sponsor of the stadium which remains a great asset to Sydney," Mr Obermeier said.

ANZ Chief Executive Officer, Mike Smith, officially announced the Stadium's new name and logo today Socceroo star John Aloisi and former Wallabies captain John Eales.

"This stadium is one of the world's great sporting and entertainment arenas and because of the 2000 Olympics, holds a unique place in the hearts of all Australians. We are proud that it will carry the ANZ name," Mr Smith said.

"The sponsorship is a sign of our continuing commitment both to New South Wales and to all levels of sport in Australia and New Zealand."