MUFG set to acquire right to name Japan’s National Stadium

NHK has learned that Mitsubishi UFJ Financial Group, or MUFG, is set to acquire the right to name the National Stadium, the venue of the Tokyo Olympics and Paralympics.

The stadium’s operator has been in negotiations with possible sponsors after deciding to introduce the naming rights system.

Those with knowledge of the matter say MUFG is negotiating to acquire that right. It will likely be a five-year contract valued at about 2 billion yen, or more than 13 million dollars, a year, or 10 billion yen — more than 66 million dollars — in total.

If a contract is signed, the stadium will have a new name starting in January, but the specific name has yet to be decided.

By acquiring the right to name the facility where large-scale events are held, MUFG apparently aims to appeal to a wide customer base and also boost its corporate image.

Sports venues and public facilities in Japan have been selling naming rights to cover operational and maintenance costs.