Intuit is the first new founding partner of the 2028 Olympics and Paralympics to take advantage of venue naming opportunities available for the L.A. Games as the financial technology company and LA28 announced a sponsorship deal Friday.
Per the partnership, Intuit will retain its name on Intuit Dome for Olympic basketball competitions and work with LA28 to assist small businesses in the city, provide select U.S. athletes with free tax preparation and expand financial education for students in the L.A. community.
Previously, the International Olympic Committee required “clean venues,” which necessitated scrubbing all mention of corporate sponsorship. It has required LA28 organizers to use generic names such as Exposition Park Stadium for BMO Stadium or 2028 Stadium for SoFi Stadium.
But after the IOC and LA28 announced an agreement in August that opened potential venue naming rights, Honda Center (volleyball), Peacock Theater (weightlifting and boxing) and the Comcast Squash Center at Universal Studios became the first venues to have corporate sponsorship. Honda and Comcast had already previously announced deals to become founding partners with LA28.
John Slusher, chief executive of LA28’s commercial operation, believed Intuit, which is in a 23-year partnership with the Clippers, would have been a potential Olympic partner no matter what, he said the pace of conversations picked up after naming rights became available. The Intuit Dome will host men’s and women’s basketball competitions that are among the most popular Olympic events and basketball is one of the few sports that competes for the duration of the Games, giving the arena a prime position in the Olympic spotlight.
“It wasn’t just any building. It was an incredibly important and state-of-the-art building,” Slusher said in an interview with The Times. “And it obviously ties so well with their investment in Los Angeles and what they do with the dome right now.”
Intuit Dome opened in 2024 for the Clippers. Hailed for its innovative use of technology, massive halo board and large fan section dubbed “The Wall,” the project from Clippers owner Steve Ballmer has already secured hosting rights for the NBA All-Star Game in February.
“Intuit is incredibly proud to be a founding partner of the LA28 Games,” Intuit chief marketing officer Thomas Ranese said in a statement. “Our commitment to powering prosperity aligns perfectly with the spirit of the movement: celebrating determination, optimism, and the belief in what’s possible. Just as athletes strive for gold, we empower consumers and businesses to outdo their financial goals with confidence.”
Conversations with partners regarding naming rights for temporary venues have started, Slusher said, beginning with companies already involved in The Olympic Partner (TOP) program. While no deals have closed for temporary venues yet, the initial feedback from partners “seems incredibly excited,” Slusher said.
The venue naming rights opened a never-before-tapped revenue stream for the 2028 Games, which are expected to cost about $7.1 billion. Organizers are hoping to cover at least $2.5 billion with domestic sponsorship. The financial terms of Friday’s contract were not disclosed, but founding-level partnerships are reported to start at roughly $200 million, according to Sports Business Journal.
The organizing committee had lofty marketing expectations heading into 2025. Hoping to capitalize on the successful 2024 Paris Games, the group aimed to bring in $800 million to $1 billion in deals this year and reach $2 billion total by the beginning of 2026. After announcing three founding-level partnerships this year between Intuit, Honda and Starbucks, Slusher says he believes the team is on track to meet its goals.
“We feel very confident that what we said back then will be true,” Slusher said. “So we’re feeling great about the progress. I think we saw an incredible momentum in the first quarter, and now what we’re seeing is that same momentum. … We are super excited about it and more to come.”
Every last deal matters approaching the July 14, 2028, opening ceremony. Any debt incurred from Games operation by LA28 will fall to L.A. The city is on the hook for the first $270 million in overrun costs, with California picking up the next $270 million and the rest falling back to L.A.
The post Intuit keeps naming rights on Intuit Dome for 2028 Olympics appeared first on Los Angeles Times.
