The O2 Arena will keep its name for another ten years after a deal was signed between the communications company and the venue operators AEG.

The new agreement, reported in The Guardian to be worth about £125m,means O2 keeps the naming rights for the venue at the Greenwich Peninsula.

The venue will be right next to the new £1billion landmark unveiled this month by developers Knight Dragons alongside Mayor Sadiq Khan.

The original deal was struck in 2005 to turn the white elephant that was the Millennium Dome into an arena for concerts and other events.

Rebranded as the O2 Arena, it reopened in 2007and has become the most popular arena globally in terms of ticket sales every year.

Bands to perform at the O2 include everyone from Bon Jovi and Led Zeppelin to The Spice Girls and One Direction.

Paul Samuels, Executive Vice President of AEG Europe said: “Together AEG and O2 have created the world’s most popular music and entertainment venue, now celebrating its 10th year of operation.

“From signing the deal back in 2005, O2 have become a significant and transformative force in the music business and our partnership has enabled countless benefits and experiences for their customers and all music, sports and entertainment fans.

“We’re thrilled they’re committing to The O2 once again and know it will enable the venue to become even better for fans and the artists that play here.

“The O2 would not be the success it is without the support and commitment of our partners.”

Mark Evans, CEO at O2, said: “We are incredibly proud of our highly successful partnership with AEG that has made The O2 into the internationally renowned music and entertainment venue it is today.

“Over the past ten years our work together has set an industry gold standard and it will continue to do so for the next ten years.”