The iconic Wankhede Stadium in Mumbai might get a new name in the coming days. The stadium hosted its first match in 1975 and since then it has witnessed numerous epic matches including the 2011 Cricket World Cup Final which India won. The stadium also witnessed the last match of batting legend Sachin Tendulkar’s international career.
Speaking to The Times of India, a Mumbai Cricket Association (MCA ) official said: “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.”
A source revealed that MCA president Sharad Pawar has formed an ad-hoc committee to go ahead with the plan.
“Saheb (MCA president Sharad Pawar) has formed an ad-hoc committee for this purpose, which includes all the office-bearers, the marketing committee chairman (Navin Shetty), and the CEO of the MCA (CS Naik). This committee will explore DDB Mudra Group’s proposal. It met them on Wednesday, and will meet them on Monday too,” said the source.
In a letter written to Sharad Pawar, DDB Mudra Group’s Executive Director Anil Deepak revealed that the MCA can make huge revenues if the plan is executed.
“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,” Mr Deepak wrote in his letter.
“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.
Citing the example of a cricket stadium, he said:“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.”