Arsenal is close to finding a new naming rights sponsor

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According to US Los Angeles based naming rights specialist Envision CEO Jeff Knapple, the Premier League club is close to finding a new naming rights sponsor for its 60,000-seater Ashburton Grove stadium. Envision was employed by the PL club to find a suitable company to sponsor its new home ground, has negotiated, to date, more than US$ 1B in overall sponsorship deals for his clients. Knapple told media that he is discussing with a number of companies which several have shown some interest, and that the club will be in a position to make an announcement on its naming rights partner by mid-November. The ground, which is being built by construction company Sir Robert McAlpine, is costing the club £ 357m in total, including £220m for the ‘design & build’ contract with the construction company. Ashburton Properties Ltd, a subsidiary of the Arsenal group of companies, has raised the necessary funding by securing a senior loan facility from a group of banks, including Royal Bank of Scotland, Espirito Santo Investments, Bank of Ireland, Allied Irish Banks, CIT Group Structural Finance and HSH Nordbank AG. The stadium was designed by HOK Sport Venue Event.