Tuesday's announcement ends a long search for a sponsor for Swansea's new stadium. Enlarge Image

A property firm based in the city has agreed a five-year deal for the naming rights of the �27.5m arena, ending a long running saga over its title.

Liberty Properties paid more than �500,000 to call it The Liberty Stadium.

During construction it was known as White Rock, but it has been The New Stadium Swansea since last year.

Liberty Properties, a commercial property development company, was founded in Swansea in 1984 and now employs more than 200 people at offices in Swansea, Chester and London.

Company development manager, former Wales and British Lions rugby player Scott Gibbs, said it would help raise the firm's profile.

"We're tremendously proud and excited to be investing in the new stadium in Swansea," he said.

A statue to Ivor Allchurch has been unveiled outside the ground.

"We saw the chance to sponsor a flagship stadium as a once-in-a-lifetime opportunity."

Gerald Clement, chairman of the stadium management company, a partnership between Swansea Council, Swansea City FC and the Ospreys regional rugby side, said it gave the arena a distinctive name.

""We have been working very hard to find the right top name sponsor and we are thrilled to have Liberty Properties as our partner," he added.

The first football league ground in the UK to be named after its sponsor was Scarborough's stadium, named after the frozen food company McCain.

Bolton Wanderers has the Reebok Stadium, Wigan play at the JJB Stadium and York City renamed its ground Kit-Kat Crescent in a tie-up with a local chocolate manufacturer.

The naming comes just days after a new statue to Swans' football legend Ivor Allchurch was unveiled at the ground.

Swansea City's Supporters Trust helped raise funds for the life-sized monument.