UK property developer Weston Homes has acquired naming rights for Peterborough United’s home stadium, London Road, in a 10-year deal that will be worth £2m (€2.3m/$2.6m).

The 15,300-seat venue will become the Weston Homes Stadium on June 1. Weston Homes will replace vehicle tracking and asset management firm Abax as the stadium’s naming-rights holder.

The deal with Weston Homes represents the largest in Peterborough’s history, with the multi-million-pound sponsorship fee to be paid in installments. Abax will remain on board as a partner of Peterborough, which currently sits seventh in League One, the third tier of English football.

It marks the second name change in the history of the stadium, which has been Peterborough’s home since 1934. Abax has held naming rights to London Road since 2014.

In May 2018, the club signed a five-year deal with Weston Homes for the company to become title sponsor of the new London Road Stand and the new agreement builds on the two parties’ relationship.

Weston Homes chief executive Bob Weston said: “We are proud to be elevating our partnership with Peterborough United to a high level and the stadium taking our brand name. Over the last 12 months we have worked with the club and been impressed by the way the club is run, the loyalty of the fans and the deep links between the club and the city.”

The new deal comes after Peterborough last year signed a Memorandum of Understanding with the city council over the purchase of the stadium. United sold the ground to a property developer in 2003, before it was then sold on to the council in 2010.

In January, co-owner Jason Neale said that the team was considering a new ground to replace London Road, stating that the venue is “showing her age”.

Image: Peterborough United