The home of Welsh rugby will undergo a makeover next year when the Millennium Stadium is renamed the Principality Stadium.

The announcement was made on Tuesday after the Welsh Rugby Union, which owns the ground, struck a 10-year sponsorship deal with the Cardiff-based building society.

The structure, which has the only fully-retractable roof on a UK stadium, will don the new name from January 2016.

The first match to be played under the new name will be the Six Nations clash between Wales and Scotland on Saturday, February 13.

WRU chairman Gareth Davies said in a statement: "Principality Building Society has been a great supporter of the game at the semi-professional level since 2005 but from now on its name will have a new resonance in every community in Wales.

"Securing a new partner and doing so with such an important and respected Wales-based organisation is a big step forward for us all. Both the WRU and Principality are intrinsically linked with people from all points of the compass in Wales and the renaming of the Principality Stadium will emphasise that strategic alignment."

The home of rugby has opened its doors to international football matches in the past, as well as music concerts from major artists, including the Rolling Stones.

The stadium will host the 2017 Champions League final.