Brisbane 2032 budget could get boost from historic new LA deal
The Los Angeles Olympic and Paralympic Games have opened the door to a lucrative new revenue stream for Brisbane in 2032 with a historic new announcement.
The Los Angeles Olympic and Paralympic Games have opened the door to a lucrative new revenue stream for Brisbane in 2032, announcing the 2028 event would sell naming rights to competition venues for the first time in the history of the Games.
In a move expected to generate tens of millions of dollars for the privately funded Games in California, naming rights will be sold to a number of existing venues and up to 19 temporary sites.
LA28 has already inked two deals under the plan that will see Honda retain its naming rights to the Anaheim venue that will host volleyball. Traditionally, the Honda Centre’s signage would have been removed during the Games.
Comcast has also signed on to obtain naming rights to a temporary venue hosting squash.
“From the moment we submitted our bid, LA28 committed to reimagining what’s possible for the Games,” LA28 president Casey Wasserman said.
“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.
“These groundbreaking partnerships with Comcast and Honda, along with additional partners to come, will not only generate critical revenue for LA28 but will introduce a new commercial model to benefit the entire movement. We’re grateful to the International Olympic Committee (IOC) for making this transformation possible.”
The IOC’s concession could potentially open the door for the sale of naming rights for Brisbane 2032 venues.
In April, Brisbane’s Games Independent Infrastructure and Coordination Authority chair Stephen Conry warned against allowing the 2032 stadium to bear the name of a corporation, declaring it should be named “Brisbane Stadium”.
“Optus stadium, it’s situated in Perth, but you wouldn’t know that,” Mr Conry said.
“Brisbane needs all the help it can get … why not have the word Brisbane mentioned around the world, rather than Optus or Suncorp for God’s sake.”
Unlike Brisbane, the LA Games will be privately funded through corporate partners, licensing agreements, IOC contributions and hospitality and ticketing programs.
Mr Wasserman said the naming right deal revenue went above what was already in the event’s $6.9 billion budget.
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LA28 will be hosted across more than 40 venues across the state of California.
Venues with existing naming deals like SoFi Stadium, Crypto.com Arena and the Peacock Theatre could have the opportunity to cut deals to retain those naming rights throughout the Games.
Outside of the first of its kind naming rights deal, traditional clean venue Games policies forbidding advertising on the field of play will still apply.
Originally published as Brisbane 2032 budget could get boost from historic new LA deal
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