The iconic Wankhede Stadium, host to various epic matches over the years including the 2011 World Cup final, may soon be renamed. The four-decade-old venue was originally named after the former president of the Bombay Cricket Association SK Wankhede, but there is a strong possibility that a sponsor’s name will be added to it, if the deal between Mumbai Cricket Association and advertising company DDB Mudra, is finalized.
A MCA official confirmed this report to TOI on Sunday. “Yes, we’re in talks to brand the stadium, which might have a sponsor’s name ‘prefixed’ or ‘suffixed’ to it. We expect a sharp fall in revenues allocated to state associations once the Lodha reforms are implemented, since the pie has to be shared by the NorthEast states too. We’ve to do something to generate funds,” he said.
According to reports, MCA president Sharad Pawar has formed an ad-hoc committee to explore the possibilities of this deal. The committee includes all office bearers of the MCA, including CEO CS Naik, and Navin Shetty, who will be heading the marketing aspect.
If the deal does come to fruition, the sponsor shall have the exclusive right to use the naming rights references in all public relations and marketing materials. The MCA will have to make all efforts to cause all media and third parties in contact with the stadium to use the new name. Aneil Deepak, Executive Director DDB Mudra explained in a letter to Pawar.
Mr. Deepak also wrote in his letter,”Naming rights is one avenue where cricket associations can generate large revenues. It’s a financial transaction and form of advertising whereby a corporation or other entity purchases the rights to name a facility or an event, for a specific period. A presenting sponsor attaches the name of the corporation or brand at the start or end of a generic, usually traditional name,”
“There are a number of stadiums the world over that are named after brands. Stadiums have been named after brands in the US, Australia, Japan, China, Finland, Canada, Israel and Germany, where eight of the ten largest football stadiums have their naming rights sold to corporate sponsors. The practice is widening in the UK, for instance, the current stadium of Bolton Wanderers is known as the Macron Stadium, and that of the Arsenal Football Club stadium is the Emirates Stadium.
“In cricket, the most famous example is The Oval, home of Surrey. It has had several sponsors over the years, and is currently known as the Kia Oval,” cited the DDB Mudra Group ED.
