Hampshire have announced a new naming rights deal with an insurance company for their Rose Bowl ground, which will now become known as the Ageas Bowl.
The ground, on the edge of Southampton, staged Test cricket for the first time last June when England faced Sri Lanka.
It has been Hampshire's headquarters since 2001.
The council also plans to spend £32m on a hotel at the venue.
The hotel development had been delayed after a legal challenge by a group of local hoteliers.
Although their first bid for a judicial review was thrown out in March 2010, the hoteliers appealed but eventually came to an agreement with the council in June 2010 and withdrew their challenge.
Their new sponsorship deal with Ageas is reported to be worth £2m over six years.