Naming rights

Naming rights are a form of advertising or memorialization where a corporation, person, or other entity purchases the right to name a facility, object, location, program, or event (most often sports venues), typically for an agreed time. The term typically ranges from three to 20 years for properties such as multi-purpose arenas, performing arts venues, or sports fields. Longer terms are more common for higher profile venues such as professional sports facilities.

There are several different forms of naming rights. For example, a presenting sponsor attaches the name of the corporation or brand into a traditional name (e.g. Mall of America Field at Hubert H. Humphrey Metrodome and Smart Araneta Coliseum), whereas a title sponsor replaces the property's original name with a sponsor's chosen name (as with most sponsored sports venues), without referencing the previous name. Occasionally, the purchaser of naming rights may choose to donate the rights to an outside organization, typically one to which it is closely related. A notable example is Friends Arena, a major stadium in Stockholm. The facility was previously Swedbank Arena, but in 2012 the company donated the naming rights to the Friends Foundation, an organization sponsored by Swedbank combatting school bullying. Similarly, in 2018, the Kentucky Farm Bureau, a farmer lobbying and insurance organization, acquired naming rights to the University of Kentucky's new baseball park. The Farm Bureau donated those naming rights to the Kentucky Department of Agriculture, which named the venue Kentucky Proud Park after the agency's brand for agricultural products produced in that state.