Los Angeles has found a new source of revenue to help fund the 2028 Olympics: charging companies extra to keep their naming rights on sports venues during the Summer Games.
Until now, the International Olympic Committee has required stadiums with naming rights deals to use more generic names during the Games.
But LA28, the city’s Olympic organizing committee, is striking deals with big companies to pay to keep or add their names to Olympic venues in Southern California.
On Friday, Intuit announced a sponsorship deal that will retain its name on Intuit Dome, home of the Los Angeles Clippers, during the Olympics. Honda announced in August that it would pay to keep its name on Honda Center, home of the Anaheim Ducks, when the arena holds volleyball tournaments during the Games. Comcast will sponsor a temporary squash center at Universal Studios for the Olympics.
Paul Krekorian, the executive director of major events for Los Angeles, said that the new naming rights deals help ensure the “financial responsibility” of hosting the Games. The Los Angeles Games are expected to cost nearly $7 billion.
“As the host city, Los Angeles has a strong interest in ensuring the success of the Games while also protecting our taxpayers,” Mr. Krekorian said. “With LA28’s revenue already ahead of pace, and incredibly strong enthusiasm building toward 2028, I’m confident these Games will be a financial success and leave tremendous benefits for Angelenos for generations to come.”
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