In the private sector, naming rights are a financial transaction and form of advertising whereby a corporation or other entity purchases the right to name a facility or event, typically for a defined period of time. For properties like a multi-purpose arena, performing arts venue or an athletic field, the term ranges from three to 20 years. Longer terms are more common for higher profile venues such as a professional sports facility.
The distinctive characteristic for this type of naming rights is that the buyer gets a marketing property to promote products and services, promote customer retention and or increase market share.
There are several forms of corporate sponsored names. A presenting sponsor attaches the name of the corporation or brand at the end (or, sometimes, beginning) of a generic, usually traditional, name (e.g. Mall of America Field at Hubert H. Humphrey Metrodome). A title sponsor replaces the original name of the property with a corporate-sponsored one, with no reference to the previous name.
In a few cases, naming rights contracts have been terminated prematurely. Such terminations may be the result of contractual options, sponsor bankruptcy, or scandals.
Read more about Naming Rights: Stadium Naming, Other Examples, Social Connotations, Nonprofit Usage
Famous quotes containing the words naming and/or rights:
“The night is itself sleep
And what goes on in it, the naming of the wind,
Our notes to each other, always repeated, always the same.”
—John Ashbery (b. 1927)
“The aim of every political association is the preservation of the natural and imprescriptible rights of man. These rights are liberty, property, security and resistance to oppression.”
—French National Assembly. Declaration of the Rights of Man (drafted and discussed August 1789, published September 1791)