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The Millennium Stadium will be renamed the Principality Stadium in a ground-breaking multi-million pound naming rights deal for the home of Welsh rugby.

The WRU and Principality Building Society announced the news today in a joint press conference which will see the 74,000-seater ground known by a different name for the first time since it was built in 1999.

WalesOnline understands the 10-year deal could be worth up to £15m.

Timetable for the name change

The ground will officially become The Principality Stadium on January 1, 2016.

The first match played at the newly-named venue will be the Wales versus Scotland Six Nations clash on February 13.

Warren Gatland’s Wales will also meet France and Italy at home during the 2016 tournament.

(Image: Action Images / Henry Browne)

The ground will continue to be known by its current name for the looming Rugby World Cup.

The WRU and Principality, which both use the colour red in their branding, describe the landmark move as a perfect fit.

Read more:The 23 best rugby stadiums in the world

Months of talks with potential sponsors

We understand the WRU have been close to striking deals for naming rights before, with leading communications company Vodafone amongst the interested parties.

Talks are also believed to have been advanced with a major global bank.

(Image: Huw Evans Picture Agency)

But the deal has been done with the Principality after 10 months of behind the scenes negotiations. It was formally signed last Thursday.

Principality come on board at a time when the 2017 UEFA Champions League final, the biggest club match in world football, comes to Cardiff, so its branding will be on a global stage.

Read more:The remarkable facts you didn't know about the Millennium Stadium

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'Perfect fit for Wales'

“This is a landmark day for Welsh rugby and a celebration of our association with Principality Building Society,” said WRU group chief executive Roger Lewis.

“It’s the result of over 10 months of detailed negotiation, based upon the naming rights search which we launched a number of years ago.

“The fit with Principality Building Society is perfect. We have had an association with them for a number of years in a range of rugby ways, not least their sponsorship of the Premiership division.

(Image: Wales News Service)

“It’s the perfect fit for Wales. They are Wales’ largest building society, formed in 1860.

"They are committed to supporting the communities of Wales with over 50 branches employing 1000 staff across the nation.

Read more: Everything you need to know about the Millennium Stadium naming rights deal

'We would welcome the FAW back to the stadium'

“Most importantly, it’s a business model that is similar to that of the WRU. The Principality is a mutual organisation which means it is owned by its 500,000 members, ie those who hold accounts. The WRU, in turn, is owned by our 340 member clubs.

“As such, I can think of no better fit for the stadium than the Principality Building Society. Together we wear the red of our nation with pride.

“This moment should not pass without a debt of gratitude offered to the Millennium Commission.

"Their contribution towards the building of our national stadium in 1999 was recognised in its original naming.

“I sincerely hope that as well as celebrating international rugby at the Principality Stadium, the time is right to celebrate football as well. We would welcome the FAW back to our stadium as soon as possible.”

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'An important statement of ambition'

Graeme Yorston, group chief executive of Principality, said: “As a business that is owned by our members, we are committed to the communities in which we work.

“This partnership is about investing in the development of rugby at every level, providing opportunities for people to prosper through sport and creating memorable and unrivalled experiences for our members and communities.

“Becoming the official sponsor of the home of Welsh rugby is an important statement of our ambition.”

Gareth Davies, WRU chairman, said: “The Principality Building Society has been a great supporter of the game at semi-professional level since 2005. But its name will have a new resonance in every community in Wales.

“I’m delighted the home of Welsh rugby will be called the Principality Stadium under this new deal.”