Los Angeles Olympics gets approval to sell venue naming rights in unprecedented move
The 2028 Olympic venues will have sponsors for the first time in the event's history
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Organizers for the 2028 Los Angeles Olympics have secured a major win in generating revenue for the event. For the first time in Olympics history, sponsors can purchase naming rights for a number of venues, LA28 announced on Thursday.
LA28, the private entity tasked with organizing the Olympics in Los Angeles, revealed that it had gotten the seal of approval from the International Olympic Approval to sell naming rights to 19 temporary venues in the city. Two companies, Honda and Comcast, have already paid to sponsor venues.
Honda, which already has naming rights on the arena in Anaheim, paid to keep those. Comcast has acquired the rights to a temporary squash venue.
Casey Wasserman, LA28 chairman and CEO, said he explained to the IOC that naming rights are already ingrained in American sports culture. He used the Los Angeles Lakers' home court, Crypto.com Arena, as an example.
"People know 'Crypto' as 'Crypto,' they don't know it as 'the gymnastics arena downtown,'" Wasserman said, according to the Associated Press.
Those worried about the naming rights for iconic venues like the Rose Bowl, LA Coliseum or Dodger Stadium being for sale can put those fears to rest. The naming rights for those stadiums will not be for sale, and the same goes for modern venues like SoFi Stadium and the Intuit Dome.
As has always been the case with the Olympics, the sale of advertisements on the field of play will be forbidden.
Because the bulk of the costs that come with hosting the Olympics aren't subsidized by government spending, as is the case with other companies, Wasserman said his team has to "push" for more ways to create revenue.
"We spend the time, we do the work, we make the argument, and we don't settle for a 'No,' because we don't have that luxury," Wasserman told the AP.
The 2028 Olympics will be different in a number of other ways too. For the first time ever, flag football will be a featured sport, and softball and baseball will be making a comeback.
The opening ceremonies for the 2028 Olympics are set for July 14, 2028.
