Should Nigeria “sell” the National Stadium and National Theatre? The LA Lakers example
The PR and economics of sports in full force and question
The Staples Center, home to LeBron James and the Los Angeles Lakers, will be renamed the Crypto.com Arena after a Singapore-based cryptocurrency brokerage paid to sponsor the iconic sports and concert venue. Can Nigeria borrow a leaf from this script and consider selling the naming rights of the National Stadium and some its national arenas?
The arena’s owner, AEG Worldwide, said it struck a 20-year naming rights agreement with Crypto.com. The name change would be effective from Dec. 25. It didn’t disclose the financial terms of the naming arrangement. It can be expected to run into hundreds of millions of dollars.
In addition to the Lakers, the Staples Center is home to the NBA’s Los Angeles Clippers and the NHL’s Los Angeles Kings. The 20,000-seat venue is a hub for major concerts and in entertainment-obsessed Southern California is a place to be seen by Hollywood stars both as performers and courtside spectators.
Crypto.com was founded in 2016 and has over 2,600 employees. It offers cryptocurrency trading including letting users borrow up to 10 times their capital to invest in digital currencies.
This is a perfect example of the PR and economics of sports playing out in full force.
Examples of sponsored sports arenas around the world
|New York Stadium||Rotherham United||AESSEAL|
|Scotia Bank Arena||Toronto Raptors||Scotia Bank|
|Red Bull Arena (Leipzig)||RB Leipzig||Red Bull|
|Los Angeles Staples Centre||LA Lakers||Crypto|
|St Andrew’s||Birmingham City & Coventry City||Trillion Trophy Asia|
|St James’||Newcastle United FC||Sports Direct|
|The Emirates||Arsenal FC||Emirates|
|The Etihad||Manchester City FC||Etihad Airways|
PR and economic benefits of sports arenas’ renaming
One of the most famous sponsored sports Arenas in the world is The Emirates Football Stadium, home of Arsenal FC. Why do companies spend hundreds of millions of dollars to rename a stadium? Here are some of the strategic benefits:
Should Nigeria also sell the National Stadium and National Theatre?
Why has Nigeria not considered selling the naming rights of the National Stadium or the National Theatre given the obvious marketing and financial benefits? Here are some possible reasons:
Until this fusion between sports and economics manifests in Nigeria in stadium renaming, we can also sit back and admire classic marketing in action in other parts of the world. For now, we can only imagine.
|↑1||Wall Street Journal|