Richmond rejected a naming rights offer valued at $10 million opting instead to secure the rights to use the Olympic rings, reveals a new report made public at city hall Monday.

“Use of the Olympic rings is a highly coveted honour that brings with it significant economic benefit to the city,” wrote senior staffer Lani Schultz in her report.

A corporation the city refuses to name offered the city a package worth $10 million in exchange for naming rights for the Richmond Olympic Oval. Other corporations also expressed interest.

Richmond sought assistance from two marketing consultants, who told staff the iconic Olympic rings and Olympic name were more valuable than naming rights.

So “contentious” talks began with Olympic officials, according to Schultz, who noted the International Olympic Committee tightly controlled the use of the rings both during and after the Games. They also limited the naming rights to the oval to only official Olympic sponsors.

After long negotiations, the city managed to secure the right to use the rings and the “Olympic” name on the building, in addition to convincing officials to loosen restrictions on sponsors inside the oval.

The city’s pegged the value of its coup at $10 million.

“That’s an intangible benefit. We’re not getting $10 million directly...but we’re able to increase our sponsorship revenues and other revenues,” said city spokesperson Ted Townsend, noting interest in oval tours has exceeded the city’s expectations, and is now expected to continue long after the Games.

The oval will be the only 2010 venue with the rights to use the rings beyond the Games, and one of only two venues that retains the “Olympic” name post-Games.

Chief administrative officer George Duncan said had the city accepted the naming rights offer, it would have created conflict with Olympic organizers, and the oval would have to be “cleaned” of all sponsor logos and names prior to the Games period.

Duncan said netting the rings has led to an increased prominence of the oval, and greater opportunities to secure sponsorship indoors—which is no longer limited to Olympic sponsors.

“The value of the sponsorship inside increased significantly,” said Duncan.

To date the city has received sponsor commitment worth $875,000 in cash and another $500,000 in value-in-kind. Another $750,000 offer is pending.

The city is unlikely to reveal what those deals are until after the 2010 Games, which will be the first opportunity for sponsorship. It’s expected to take the form of corporate names in various parts of the facility.