UPDATED: The value of the new RAC Arena and Optus Stadium naming rights deals far exceeded predictions, a state government spokesman says.

At the 2017 election, the McGowan government committed to selling the naming rights to Perth Arena and Optus Stadium for a value of at least $10.5 million over four years.

After announcing the new arena deal on Sunday, a spokesman said the value of the two agreements far exceeded the government’s expectations.

But the exact figures secured remain confidential.

“Importantly, we have ended the ridiculous arrangement put in place by the former government where taxpayers were forced to pay more than $8 million compensation for the venue to not have a naming rights sponsor," he said.