The world's oldest international rugby ground will no longer be known, at least officially, as Lansdowne Road after it was confirmed yesterday naming rights would be sold before the rebuilt stadium is reopened in December 2009. The current asking price will be in excess of €50 million in return for a 15-year term.

The Royal Irish Park Stadium was established by Henry Dunlop in 1872, with the first rugby international taking place between Ireland and England on March 11th, 1878. The IRFU honorary treasurer Henry Sheppard acquired the lease, which passed officially into the union's hands at his death in 1906 for the princely sum of £200.

The US company Wasserman Media Group, who were behind the sale of naming rights for Arsenal's new stadium to Emirates Airlines, along with Slattery Communications have been appointed to market the naming rights.

In effect, Lansdowne Road no longer exists, but financial exploitation of stadium names has become part of modern professional sport, as seen in several English Premiership stadiums and the majority of US arenas.

"The reality is Lansdowne Road, as a stadium, ceased to exist when it was demolished in August," explained the IRFU chief executive, Philip Browne, acting in his role as Lansdowne Road Stadium Development Committee chairman.

"The fact of the matter is for at least 10 to 15 years we've been looking at replacing the stadium.

"As a stadium, it has served its purpose. It is outdated, outmoded and no longer fit for the purpose.

"In looking at a new stadium we have to look at the new circumstances that exist and pertain in the world around us. The fact of the matter is sport has moved on over the years.

"I remember the debate in the IRFU committee when we first put the sponsors' name on the Irish rugby shirt. I'm sure John (Delaney, the FAI chief executive, who along with the project manager Colm Moran was present at yesterday's news conference) and his predecessors would have had exactly the same debate.

"We have a duty in relation to our own parent organisations to ensure that we build this stadium and finance it. Naming rights is part of the real world. We get on and we do it."

Browne took the opportunity to announce the IRFU director of corporate services for the past 12 years, Martin Murphy, as new stadium director. He also confirmed all premium seats for rugby matches had been sold.

The development of the stadium remains on schedule. The first phase, demolition, was completed over the August bank holiday weekend. Phase two will be completed over the October bank holiday (October 26-29th), when an underpass and podium at the railway line will be constructed. Excavation of a basement under the east stand is nearing completion and work has begun on a car park under the back pitch.

"We're currently evaluating the tenders and we hope to place the main contract shortly," said Moran.

Members of Bath Avenue and district residents association (Barda) attended yesterday's briefing to voice concerns at what they claim is lack of communication on compensation between the stadium development company (LRSDC) and residents.

"They are offering people the money set aside," said a Barda spokesman, Terry Byrne. "They are offering our neighbours money. They are dividing the community. There has to be more transparency.

"There was supposed to be an independent arbitrator to decide whether you were affected. It seems to me (there is) some form of omerta about it."

In May, a €2.4-million compensation package was agreed by Dublin City Council and the LRSDC. Within this figure, the 14 householders that reside in O'Connell Gardens, a housing estate immediately to the north of the stadium, will receive €120,000 each.

Eight other residents of O'Connell Gardens will receive €32,500 each. A sum of €500,000 will be shared among other residents in areas such as Havelock Square, Vavasour Square and the banks of the river Dodder.

In exchange the development company will be given a 999-year lease on a half-acre site owned by the council adjacent to the River Dodder.

The company will also undertake €1.5 million worth of improvement works to the Dodder Walk and will make an annual payment of €100,000, which will be index linked to a community gain fund.

Browne responded to the residents: "The reality is the local residents are at the sharp end of the actual development itself and we have done everything in our power and within our control to try and minimise the disruption and difficulties that may be there.

"We have parameters that are set by the planning permission and local authority. To date we have worked within those parameters and will continue to do so."

One of two appeals to the High Court seeking judicial review of the planning permission has been settled by the stadium company.

"There is one further appeal in front of the High Court," Browne explained. "That will wind itself out through the High Court unless a settlement is reached in the next two months.

"That is due to be heard in the High Court at the beginning of October. It covers a variety of issues including the process itself."