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As the naming rights holder of the existing stadium, Dr Holmes had been given first dibs on making Stadiums Queensland an offer.

“It has been refused and obviously it is now out to the market through Stadiums Queensland,” he said.

“It’s gone to market because they think it’s worth a lot more, and we’ve said good luck with that.

“They might just sign up if someone comes along and offers them a gazillion dollars for the next five years, and bless their cotton socks and good on Stadiums Queensland and the Government.”

Dr Holmes said he had been in negotiations with Stadiums Queensland for a month but had been told “vastly more” money was expected.

The State Government opened up expressions of interests for naming rights on the North Queensland Stadium on June 28.

A Stadiums Queensland official said “significant market interest” for the naming rights was expected to “drive up cost”.

“There have been a significant number expressions of interest for the North Queensland Stadium naming rights,” she said.

The cost of naming rights for stadiums across Queensland and Australia are highly guarded for commercial reasons.

Mr Holmes said he could not “confirm nor deny” how much 1300SMILES had paid for naming rights of Townsville’s ageing stadium for the past seven years.

However, the Townsville Bulletin understands it was about $200,000 to $250,000 a year. The naming rights for Carrara Stadium on the Gold Coast, which has a similar 25,000 spectator capacity to the North Queensland Stadium, was bought by Metricon Homes in 2011 for an estimated five-year contract worth $3 million.

It is understood Adani Australia does not plan to put forward a submission.

Honeycombes Property Group managing director Peter Honeycombe said his company, which operates solely in Queensland, would not put forward an application.

He said there had been some speculation among businesses in Townsville.

“We believe it will be an organisation that wants national brand exposure, like BMD constructions or Hutchinson’s, or someone who has a growth strategy nationally,” he said, “because the brand exposure nationally would be a lot cheaper on our stadium rather than at Suncorp Stadium, for example.”

The Townsville Bulletin also contacted rail company Aurizon and Bank of Queensland.

Both declined to comment. Dr Holmes said securing naming rights had been the “greatest branding initiative” 1300SMILES had ever undertaken.

Thuringowa MP Aaron Harper said he was sure that “major employers” in the region would have “keen interest” in the naming rights.

“This stadium is built for North Queenslanders so I hope it’s a major North Queensland sponsor who lands the naming rights,” he said.

Expressions of close on August 30. interest