Winning the Gold: Why Venue Owners Need to Consider the Importance of Flexibility in Sponsorship Agreements

Sponsorship rights are a critical component of the revenue stream for almost every major venue in the United States. Long-term sponsorship deals not only provide much of the funding for new venues to be built, but they also support the refurbishments that allow existing venues to retain tenants and attract short-term residents, such as concerts, sporting events and tournaments. Sponsorship spending in North America alone came to a staggering $23.1 billion in 2017, an increase from the 2016 figure of $22.3 billion. Most of this sponsorship cash flows to and from venues in major cities. One example out of many is Los Angeles, which is home to a multitude of venues supported by an even wider array of long-term sponsors. Los Angeles recently hosted the 2018 NBA All-Star Game and the 2018 NCAA Men’s Basketball Western Regional Semifinals. The city is now gearing up for additional high profile events, such as the 2020 MLB All-Star Game, Super Bowl LVI and the 2028 Summer…

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