LA 2028 to sell venue name rights in Olympic first
Source: AFP
Organizers of the Los Angeles 2028 Olympics will sell naming rights for some competition venues to "unlock an additional revenue stream" in a move that breaks with Games tradition of forbidding brand names on stadiums and arenas.
In a statement released on Thursday, LA28 organizers said the "landmark change" will apply to featured venues in support of the "largest commercial revenue raise in sports".
"From the moment we submitted our bid, LA28 committed to reimagining what's possible for the Games," LA28 chairperson and president Casey Wasserman said in a statement.
"Today's historic announcement delivers on that promise, creating the first-ever venue naming rights program in Olympic and Paralympic history while advancing LA28's mission of a fully privately funded and no-new-build Games."
Contracts are already in place with automaker Honda, an LA28 sponsor which already has the naming rights for the Anaheim, California, arena that will host volleyball, and with media and technology company Comcast -- which will have its name on the temporary squash venue.
As previously announced, Peacock Theater in downtown Los Angeles will host boxing and weightlifting.
Wasserman said the "groundbreaking partnerships" will generate revenue beyond what is already budgeted and "will introduce a new commercial model to benefit the entire (Olympic) movement".
"We're grateful to the International Olympic Committee (IOC) for making this transformation possible," he added.
Naming rights for up to 19 temporary venues will be available, with the IOC's sponsorship partners and LA28 partners having a chance to put their names on Games venues.
Companies that already have their names on such Olympic venues as SoFi Stadium and Crypto.com Arena "will have the opportunity to keep existing venue naming rights during Games time", Wasserman indicated.
"Clean venue" policies that prohibit advertising on the field of play will still apply.
Source: AFP
