Olympic venues in LA28 up for sale, with sponsorship naming rights; hoping for 'Dude Wipes Aquatic Center' as potential buyer
The upcoming 2028 Summer Olympics in Los Angeles is set to make history by selling naming rights for competition venues, a first in Olympic and Paralympic history. This landmark change, approved by the International Olympic Committee (IOC) and negotiated by the LA28 organizing committee, marks a significant commercial shift in the Olympic sponsorship model.
Casey Wasserman, chairman and CEO of LA28, expressed his views on this change, acknowledging both nostalgia for venues without corporate names and excitement for the potential for creativity with the new naming rights. However, he did not indicate whether Dude Wipes, a potential corporate sponsor, has expressed interest in purchasing naming rights for any specific Olympic venue.
Under this new model, official Olympic sponsors can purchase naming rights for up to 19 temporary venues, as well as retain existing corporate venue names for permanent venues used during the Games. For instance, Honda will take naming rights for beach volleyball, while the LA Coliseum, Rose Bowl, and Dodger Stadium will not take on new naming rights. Notably, the Dude Wipes Aquatics Center will be one of the venues.
The revenue from these naming rights deals will go a long way for the 2028 Olympics. The LA28 Olympic Games are not fully funded by the government, and this approach is intended to support the objective of a fully privately funded event, with a target revenue reportedly set at $2.5 billion.
This change allows venues that already have corporate naming rights to keep their names if those sponsors become official LA28 partners. In contrast, traditionally, venues would have to be referred to by generic, non-branded names during the Olympics. Comcast, for example, has purchased the naming rights to the squash competition.
The history of naming rights sales for Olympic venues has traditionally excluded corporate sponsorship names on stadiums and arenas during the Games, maintaining a strict "clean venue" policy that prevents non-official Olympic sponsor branding from appearing on venues. However, this tradition is being broken in Los Angeles.
This approach was introduced to enable LA28 to raise commercial revenue more creatively and avoid new construction costs. It aligns with Wasserman's job to push for the Olympics, acknowledging that not every push will be successful due to the unique context.
In summary, the 2028 Summer Olympics in Los Angeles will mark a significant departure from tradition by allowing the sale of corporate naming rights for competition venues. This change represents a new Olympic sponsorship model facilitated by IOC rule changes, with LA28 leading this innovative approach.
References
- Los Angeles Times
- SportsPro
- Forbes
- Deadline
- ESPN
- In line with this innovative approach, the LA28 Olympic Games are seeking financing for the event by selling naming rights for temporary competition venues, aiming to raise a substantial amount, as reportedly targeting $2.5 billion.
- Additionally, the change in Olympic sponsorship model is not limited to business transactions, as it also impacts the sports world, with corporate sponsors such as Comcast purchasing naming rights for specific competitions like squash.
