Peterborough United's London Road renamed Abax Stadium

London Road is undergoing a redevelopment, with the new Moy's End opened this month

Peterborough United have renamed their London Road ground the Abax Stadium as part of a five-year sponsorship deal worth £500,000.

Posh have played at the ground since the League One club was formed in 1934, and this is its first name change.

Norwegian firm Abax manages car fleets for companies and opened an office near Peterborough in 2012.

"We thought there was a massive benefit for the club, supporters and city," said Posh chief executive Bob Symns.

He told BBC Radio Cambridgeshire: "Five years is a marking point for the deal, but we want it to develop way beyond that.

"We invited the leaders of our fans' groups to meet the sponsor. The great bonus is they already sponsor clubs in Scandinavia."

Chairman Darragh MacAnthony added: "We see this opportunity as a great deal for this club, Abax, the city and our supporters.

"Abax has firmly put down its roots in Peterborough and now we all want to see the company grow."