The naming rights sponsorship agreement will assist in creating permanency for Munster Rugby in Ireland's second largest city, including assisting with the redevelopment of the grounds.
As part of the naming rights agreement, Independent News & Media will have total and exclusive ground naming rights.
It will have extensive branding at the ground's entrance, on directional signage and in matchday programmes.
"Munster Rugby is delighted that Independent News & Media have committed to such a significant, long term partnership," said Garrett Fitzgerald, Chief Executive of Munster Rugby.
"The naming of Irish Independent Park allows Munster Rugby to progress on our redevelopment of the grounds and commit to our rugby future here.
"Cork is a vital element of Munster Rugby's success and we are happy that Irish Independent Park will be central to rugby development in the region."
Leslie Buckley, Chairman of Independent News & Media, commented: "Independent News and Media is delighted to confirm this new agreement with Munster Rugby and the renaming of Musgrave Park to Irish Independent Park.
"This is hallowed ground for Munster Rugby and particularly for Cork supporters. The Irish Independent has a strong affinity with Munster Rugby, which is underpinned by our weekly rugby pull out exclusively for our Munster readers. We now look forward to positively and successfully building upon that relationship."
Vincent Crowley, CEO of Independent News & Media, added: "INM are a proud partner to Munster Rugby with the Irish Independent into its second season as official newspaper to the province.
"Irish Independent Park is a further demonstration of our continued support in helping to encourage and build the game of rugby in schools, clubs and at provincial level.
"We look forward to seeing some fantastic games in this superb stadium in the heart of Cork city and reporting on them in the Irish Independent and on independent.ie."
Opened in 1940, Musgrave Park is the Cork home to Munster Rugby. Its tenant clubs are Dolphin and Sunday's Well.
It has hosted some famous matches including a draw against the All Blacks in 1973 and most notably in 1992 when Munster beat then world champions Australia, one of three Munster victories over the Wallabies.
Musgrave Park is also the home to Munster's commercial offices.
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