was pledged as part of
London's bid for the
2012 Summer Olympics. Modern stadiums, especially the largest among them, are
megaprojects that can only be afforded by the largest corporations, wealthiest individuals, or government. Sports fans have a deep emotional attachment to their teams. In North America, with its closed-league "
franchise" system, there are fewer teams than cities which would like them. This creates tremendous
bargaining power for the owners of teams, whereby owners can threaten to relocate teams to other cities unless governments subsidize the construction of new facilities. In Europe and Latin America, where there are multiple association football clubs in any given city, and several leagues in each country, no such monopoly power exists, and stadiums are built primarily with private money. Outside professional sports, governments are also involved through the intense competition for the right to host major sporting events, primarily the
Summer Olympics and the
FIFA World Cup (of association football), during which cities often pledge to build new stadiums in order to satisfy the
International Olympic Committee (IOC) or
FIFA.
Corporate naming , one of many stadiums which bear an official
sponsor name In the early 21st century, in an effort to reduce the burden of the massive expense of building and maintaining a stadium, many American and European sports teams have sold the rights to the name of the facility. This trend, which began in the 1970s, but accelerated greatly in the 1990s, has led to sponsors' names being affixed to both established stadiums and new ones. In some cases, the corporate name replaces (with varying degrees of success) the name by which the venue has been known for many years. But many of the more recently built stadiums, like the
Volkswagen Arena in
Wolfsburg, Germany, have never been known by a non-corporate name. The sponsorship phenomenon has since spread worldwide. There remain a few municipally owned stadiums, which are often known by a name that is significant to their area (for example,
Boston's
Fenway Park). In recent years, some government-owned stadiums have also been subject to naming-rights agreements, with some or all of the revenue often going to the team(s) that play there. One consequence of corporate naming has been an increase in stadium name changes, when the namesake corporation changes its name, or if it is the naming agreement simply expires. Phoenix's
Chase Field, for example, was previously known as Bank One Ballpark, but was renamed to reflect the takeover of the latter corporation. San Francisco's historic
Candlestick Park was renamed as
3Com Park for several years, but the name was dropped when the sponsorship agreement expired, and it was another two years before the new name of
Monster Cable Products' Monster Park was applied. Local opposition to the corporate naming of that particular stadium led San Francisco's city council to permanently restore the Candlestick Park name once the Monster contract expired. More recently, in Ireland, there has been huge opposition to the renaming of
Dublin's historic
Lansdowne Road as the
Aviva Stadium. Lansdowne was redeveloped as the Aviva, opening in May 2010. On the other hand, Los Angeles'
Great Western Forum, one of the earliest examples of corporate renaming, retained its name for many years, even after the namesake bank no longer existed, the corporate name being dropped only after the building later changed ownership. This practice has typically been less common in countries outside the United States. A notable exception is the
Nippon Professional Baseball league of Japan, in which many of the teams are themselves named after their parent corporations. Also, many newer European football stadiums, such as the
University of Bolton and
Emirates Stadiums in England and
Signal Iduna Park and
Allianz Arena in Germany have been corporately named. This new trend in corporate naming (or renaming) is distinguishable from names of some older venues, such as
Crosley Field,
Wrigley Field, and the first and
second Busch Stadiums, in that the parks were named by and for the club's owner, which also happened to be the name of the company owned by those clubowners. (The current
Busch Stadium received its name via a modern naming rights agreement.) During the
2006 FIFA World Cup in Germany, some stadiums were temporarily renamed because
FIFA prohibits sponsorship of stadiums. For example, the
Allianz Arena in Munich was called the
FIFA World Cup Stadium, Munich during the tournament. Likewise, the same stadium will be known as the "München Arena" during the European Competitions. Similar rules affect the
Imtech Arena and
Veltins-Arena. This rule applies even if the stadium sponsor is an official FIFA sponsor—the Johannesburg stadium then commercially known as "Coca-Cola Park", bearing the name of
one of FIFA's major sponsors, was known by its historic name of
Ellis Park Stadium during the
2010 FIFA World Cup. Corporate names are also temporarily replaced during the Olympics. == Sustainability ==