[Exclusive] "Selling Naming Rights for Cash"...Will Seoul World Cup Stadium and Gocheok Sky Dome Get New Names?
Discussion Begins on Selling Naming Rights for Municipal Sports Facilities
New Funding Source Discovered... Potential to Strengthen Facility Competitiveness
Widespread Adoption Abroad... Billions of Won in Annual Revenue
Expansion Considere
The Seoul Metropolitan Government is moving to generate revenue by selling naming rights for city-run sports facilities. This measure aims to improve the efficiency of facility operations, including securing funding. Like stadiums in the English Premier League and the U.S. National Basketball Association, public sports venues in Korea will soon feature the names of specific companies or brands.
According to the Seoul Metropolitan Government on August 11, the city has recently begun work to introduce naming rights for Seoul World Cup Stadium and Gocheok Sky Dome.
Naming rights are already common overseas. Known as "naming rights," this practice allows companies to affix their names or brands to stadiums for a set period of time in exchange for a fee.
Although not for public facilities, teams in the Premier League, NBA, and Major League Baseball (MLB) earn tens of billions of won in annual revenue by selling naming rights. In Japan, naming rights were first introduced with Fukuoka Dome in 1997.
The Seoul Metropolitan Government claims that utilizing naming rights for public sports facilities could allow the proceeds to be used for operations such as maintenance and repair. A city official stated that, by securing funds for maintenance and management, citizens will ultimately be able to enjoy more convenient and safer facilities.
The facilities under discussion are Seoul World Cup Stadium and Gocheok Sky Dome. Seoul World Cup Stadium is home to the professional football club FC Seoul, while Gocheok Sky Dome is used by the professional baseball team Kiwoom Heroes. The city plans to use this pilot program as a starting point, with the possibility of expanding it to include Jamsil Baseball Stadium, Jamsil Student Gymnasium, Jamsil Indoor Stadium, Mokdong Stadium, and Jangchung Gymnasium, among others.
During this process, the city will establish detailed operational regulations, including standards for protecting the public nature of these facilities and standard contracts. The main focus will be to set a price range based on an appropriate evaluation model and advertising effect analysis. Importantly, names that show a significant political or religious bias or could disrupt public order and decency will not be permitted. Provisions regarding contract termination and claims for damages will also be included for cases involving corporate bankruptcy, public controversy, or violations of the law.
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A Seoul city official stated, "Given the symbolic nature of public sports facilities, we are preparing to gauge public opinion on introducing naming rights during this process. All operational conditions and funding plans for these large-scale sports venues will be thoroughly reviewed as well."
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