Lancashire County Cricket Club's director of cricket Mike Watkinson says the new naming rights deal with Emirates will benefit cricket.
He told ITV Granada that the club will use the money to attract the best players and to invest in developing home-grown talent.
The airline Emirates, which has today announced it bought the naming rights to the home of Lancashire County Cricket Club, says the move shows how committed the firm is to UK sport.
Emirates already sponsors Arsenal's football ground in north London, the 2014 Commonwealth Games, Durham County Cricket Club and the Yorkshire Cup in horse racing.
The airline Emirates has bought the naming rights for Lancashire County Cricket Club's home ground.
In a 10-year deal the club's ground will now be known as Emirates Old Trafford. The company's branding will also appear on the players' kits.
The club's chairman, Michale Cairns OBS said: "This announcement represents another major step in the redevelopment of Old Trafford.
“We could not have found a better and more suitable partner than Emirates. We are extremely proud to be associated with them and look forward to a long and mutually beneficial relationship.
“The financial benefits of this deal are a core component of our long-term strategy for commercial sustainability.
"The partnership will support our intention to be regarded as one of the top County Cricket Clubs in the country and undisputed as a Category A Test Match venue. We remain committed to providing the very best facilities for our members, players and spectators.”