The city's two elite basketball teams have voiced concerns at the effects such a deal could have on their own sponsorship deals.
But Tennis Australia and rugby league's Melbourne Storm are positioning themselves to reap some financial benefit from the deal, said to be worth up to $3million a year.
The Premier, Mr Jeff Kennett, defended as a good commercial decision the sale of naming rights to Olympic Park and the new $20 million multi-purpose venue to be built at Melbourne Park tennis centre.
The general manager of the Melbourne Tigers, Mr Roger Hampson, said his basketball club may need to consider another venue. "It would give you reason to go elsewhere. Basketball battles to break even ... what is the point in playing at a stadium if you can't raise revenue?"
The Tigers are sponsored by the retail store Kmart and Mr Hampson said if a rival company, for example Myer, was to buy the naming rights, the club would be caught in the crossfire.
The trust's guidelines say that "current tenants, eg Australian Open and Melbourne Storm and their sponsors, must not conflict with any new sponsorship".
The general manager of the basketball team Victoria Titans, Mr Hassa Mann, said consideration should be given to "buying out" sponsorships or compensation.
The Storm management has began preliminary discussions with their sponsors over buying the naming rights to Olympic Park.
The Melbourne Storm chief executive, Mr John Ribot, said there was the potential for the deal to be good for all parties.
The name of the tennis centre, Melbourne Park, will be enshrined and Tennis Australia has ruled out selling its name.
Tennis Australia's president, Mr Geoff Pollard, said the tennis centre was paid for and there was no reason to sell naming rights. However, selling the naming rights of the new stadium would help off-set building costs.
Reuters
