Allianz has acquired the naming rights to the Sydney Football Stadium in a multi-million dollar, 10-year deal.

The stadium will now be renamed Allianz Stadium, in a deal that will see the funds used to redevelop the stadium’s roof and install exterior lighting which can be changed to match the home team’s colours.

A similar lighting system has been installed at Allianz Arena in Munich, Germany, which opened in 2005.

Sydney Cricket Ground Trust Chairman Rodney Cavalier says the Allianz deal is one of the most lucrative in Australian sporting history.

The 45,500-seat stadium hosts Super Rugby franchise the NSW Waratahs, NRL clubs Sydney Roosters and Wests Tigers and A-League football team Sydney FC.

The deal cements insurance companies as among the biggest investors in Australian sport. Besides Suncorp’s long-running sponsorship of Brisbane’s Suncorp Stadium – nee Lang Park – and AAMI Park in Melbourne, QBE has long-running sponsorship deals with AFL team the Sydney Swans, soccer club Perth Glory and netballers the NSW Swifts.

IAG subsidiary SGIO has been a major sponsor of AFL club the West Coast Eagles for more than a decade, and CGU is a sponsor of the Collingwood AFL team.