The planned 12,500-capacity arena in the Newcastle’s Gateshead Quays complex is to be branded Sage Arena, following a deal between the accounting software giant and AEG Global Partnerships.

The £10m naming rights deal will see the ASM Global-operated, £300 million, development at NewcastleGateshead Quays branded The Sage. The site will house the Sage Arena, and exhibition and conference centre Sage ICC.

Due to open in 2024, The Sage will be a 54,500 sqm complex created as a joint venture between developer Ask Real Estate and investment manager PATRIZIA, who claim it will provide a £70m annual boost to the local economy and create 2,000 jobs. It said the focus will be on prioritising local suppliers and contractors with the aim of it being built “by the North East, for the North East”.

The Sage will be located between the BALTIC Centre for Contemporary Art and the renowned international music centre, Sage Gateshead.

Sage Group recently announced it would open a £20m global headquarters at the Cobalt Business Park in North Tyneside. CEO Steve Hare said, “We are committed to making sure that The Sage is an inclusive venue by giving access to all, no matter their background. We believe it will unlock the huge potential the North East has, attracting greater investment and innovation.”

ASM Global SVP Europe Tom Lynch said, “ASM Global has enjoyed over 25 years of success in the North East and we look forward to joining forces with Sage to take live entertainment, conventions and exhibitions to new heights, and cement the region’s reputation as a sought-after business, leisure and cultural destination.”

ASM Global, created by the merger of AEG Facilities and SMG Europe, has a UK venues portfolio that includes the Utilita Arena, Newcastle (cap. 11,000), the AO Arena in Manchester (21,000), the First Direct Arena (13,000 in Leeds and The SSE Arena, Wembley (12,500).