German financial services company Allianz Deutschland has acquired the naming rights to the Club an Der Alster hockey and tennis organisation’s new arena in Hamburg.

The club currently operates out of the Am Rothenbaum in the German city, but recently revealed plans to demolish the facility and replace it with a new 7,500-seat hockey and tennis venue. The Am Rothenbaum is home to the German Open tennis championships.

Under the 10-year agreement with the finance giant, the new stadium will be known as the Allianz Court. The deal will come into effect once the arena opens.

Club an Der Alster chairman Thomas Wiedermann said: “With Allianz, we have found a partner who supports our idea of ​​a modern and future-oriented sports club for our members. The Allianz Court will create a home for our teams and other top teams in Hamburg.”

The new arena will be open all year and will host Bundesliga squash, alongside other indoor sports events.

In addition, the company will work with the club on a new grassroots programme called ‘Allianz Sportakademie’, which will be integrated into the new arena to offer training opportunities to youngsters.

Andreas Schmid, a representative for Allianz Deutschland, added: “The promotion of young talent is very important to us. The Allianz Sportakademie forms the foundation for this, and as part of our training cooperation with the club, we will enable young athletes to reconcile work and performance.”

Allianz already holds the naming rights to the 75,000-capacity Allianz Arena, the home of German Bundesliga football club Bayern Munich.