Twenty-four years after opening, the Sydney Football Stadium is getting a new name.

The venue will now be called the Allianz Stadium following a partnership with the insurance company announced on Wednesday.

Sydney Cricket Ground (SCG) Trust Chief Executive Jamie Barkley said the move would help fund venue upgrades and live concerts at the stadium.

“The Trust will now accelerate plans to upgrade facilities for the benefit of fans,” Mr Barkley said in a statement.

“Allianz Stadium will offer a new dining level and food court on level three with works already underway in the Nick Shehadie Stand to provide improved facilities.”