AMP deal goes pear-shaped for Oval

THE Oval cricket ground, birthplace of the Ashes, is about to loosen its links with Australia as struggling financial services group AMP negotiates to hand over naming rights to its British division Henderson.

Surrey County Cricket Club has been in talks with AMP over its £2m sponsorship since May as it ceases all UK brand advertising ahead of its planned A$10bn (£4.16bn) demerger of Henderson.

The company has already dropped its shirt sponsorship for the Surrey team. Now it is trying to avoid a hefty exit penalty, including about £700,000 that it still owes as part of its five-year deal.

A simple transfer, after which the ground would be called the Henderson Oval, could be the cheapest option. However, AMP is unlikely to be given an easy ride by Surrey, which has already allocated the sponsorship money towards a £22m redevelopment of the ground, and which would face an uphill struggle to find a replacement sponsor amid corporate belt-tightening.

AMP would not comment, but confirmed that it was still talking. It won naming rights to the Oval in 2001 when fellow Australian business Foster's ended its 13-year association.

Surrey County Cricket Club could command as much as £3m for a five-year deal.

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