LA28 to allow venue naming rights for first time in Olympic history

India Today

3 days ago

Los Angeles 2028 Olympic and Paralympic Games will, for the first time in Games history, allow venue naming rights, organizers said on Thursday, unveiling Comcast and Honda 7267.T as inaugural partners in a move aimed at boosting commercial revenues.The pilot program, developed with the International Olympic Committee (IOC), will let qualifying LA28 partners retain existing venue names during the Games and buy additional marketing assets.advertisementIt also opens naming rights for up to 19 temporary venues to worldwide Olympic partners and LA28 sponsors, while standard "clean venue" rules continue for non-partner sites.
Comcast CMCSA.O will lend its name to the Comcast Squash Center at Universal Studios, where squash will make its Olympic debut on the Courthouse Square backlot. Honda Center in Anaheim will become the first arena to keep its name during an Olympic competition, hosting indoor volleyball."Anytime you're the first to do something in the context of the Olympics, it's a big deal," LA28 chair Casey Wasserman told Reuters."It's a big opportunity for us and it's a big statement of support from the IOC. We think it will be a really powerful platform and opportunity in the commercial sector, so we're really excited."Wasserman said the deals introduce a "new commercial model" for the Olympic movement. The IOC traditionally enforces strict branding rules during the Games, masking corporate signage at competition venues.He noted money from selling venue naming rights would be in addition to the overall sponsorship revenue target of $2.5 billion, which LA28 calls the largest commercial revenue raise in sports."We've been very conservative, so we have none of this revenue in our budget so any revenue is upside," he said."Having said that, we think it could be significant. It's a really powerful platform for branded partners of ours to engage with us and also with the globe, because it's part of the broadcast. The reach is really stunning."From a practical perspective, the potential for SoFi Stadium and Crypto.com arena to maintain their names during the Games will help fans navigating the city."As a pure matter of wayfinding, it's actually an important piece of the puzzle," he said.Comcast, which holds U.S. broadcast rights through NBC and Peacock, said it would support LA28 "across our entire company," including coverage and the squash showcase.Honda, which in June was named the Games automotive sponsor, said its long-backed Anaheim arena would "step onto the international stage to power Olympic dreams," according to Ed Beadle, a vice president at American Honda Motor Co.LA28 said additional naming-rights partners are expected as the three-year countdown continues.- Ends