Olympic venues to sell naming rights
It has been recently revealed that the Olympic organizers are planning to put on auction the naming rights of some of the stadiums that have been built for the purpose of the London 2012 Olympic Games.
However, this will not be done until the Olympic Games reach their close the next year.
The company that has been charged with the task of finding suitable buyers for the naming rights is the Olympic Park Legacy Company. The main task of the company is to channelize a future for the Olympic stadium that is located in East London in such a way
that it becomes economically viable and productive after the Olympics.
It has been estimated that if the Olympic Stadium needs to be made of use for other events including sports as well as entertainment, the cost that will be incurred in order to make changes to the facility is about £96 million.
The potential buyers of the naming rights are planned to be some of the corporate companies who are currently involved in the sponsorship of the Olympic Games.
According to some sources, a few of these corporate sponsors have already been reached in order to consider the auction of the naming rights. The names that are most prominent in the list of potential buyers are Coca-Cola as well as McDonalds.
The corporate sponsors are not the only ones that are interested in having the naming rights of the stadiums; rather, quite a few sporting bodies have shown their willingness to be the buyers. These include the National Football League, England Cricket Board
as well as the London Wasps rugby club.
However, there is a catch to the naming rights transaction. It is not yet clearly defined whether the Olympic stadiums would be used for a single sport or if they would become a multipurpose event holding facility after the Olympic Games come to their close.
This would be an important matter for the potential buyers as they would want to connect their image with the sort of events that take place in the venues that are named after them.
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