The Intuit Dome will retain its name during the Los Angeles Olympics, following a landmark agreement by organizers to sell naming rights for venues at the upcoming Summer Games. This decision marks a significant collaboration with Intuit, the renowned tax and business software company.

On Friday, Intuit was announced as the latest “founding partner” for the Los Angeles Games, joining the ranks of Starbucks and Honda, who have also entered into recent agreements, signaling a wave of momentum for the event.

In particular, Honda will continue its sponsorship of the Anaheim arena, which will host volleyball events. Meanwhile, the Intuit Dome in Inglewood—home to the LA Clippers—will be the venue for basketball competitions.

While corporate naming rights are a common practice across U.S. sports venues, this marks a first for the Olympics, introducing a groundbreaking marketing strategy. This approach is anticipated to generate additional revenue, boosting the Games’ budget beyond the projected $7.15 billion.

John Slusher, head of the organizers’ marketing initiatives, highlighted the fiscal responsibility emphasized by LA28 chairman Casey Wasserman since the beginning. “The idea of naming rights is one we believed could offer additional value,” Slusher remarked.

As many as 19 venues, primarily temporary, could potentially be available for naming rights. Companies with existing naming agreements in Los Angeles will have priority in negotiations with Olympic organizers. Notably, the home of the Rams, which will host the opening and closing ceremonies as well as swimming, will be referred to as “2028 Stadium,” rather than its current name, “SoFi.”

The arrangement with Intuit includes the company providing free tax preparation for some U.S. athletes and expanding its financial education program for the LA community.

“Our commitment to powering prosperity aligns perfectly with the spirit of the movement,” Thomas Ranese, Intuit’s chief marketing officer, said in a statement announcing the deal.

Slusher, who took over as head of marketing late last year, said LA feels good about its goal of selling between $800 million and $1 billion worth of deals in 2025 to get to the $2 billion mark in corporate sponsorships by the end of the year. The overall goal has been pegged at $2.5 billion, LA got off to a slow — some thought troubling — start, but has picked up momentum after what was widely viewed as a positive Summer Olympics in Paris last year.

“We feel really good about where we’re at, and we have optimism going forward,” Slusher said.

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AP Olympics: https://apnews.com/hub/2024-paris-olympic-games