- Starbucks filed a trademark application on June 2 for the right to use its name on a stadium or training facilities.
- If approved, the coffee giant could lend its name to a stadium or arena.
- Companies are willing to shell out big bucks for the brand awareness and fan loyalty that comes from a high-profile venue with the corporation's name.
Starbucks filed an application with the U.S. Patent and Trademark Office earlier in June for the right to use its name on a stadium or training facilities.
If approved, the coffee giant could join the likes of FedEx, Little Caesars and Barclays as a corporate sponsor of a stadium or arena. Companies are willing to shell out big bucks for the brand awareness and fan loyalty that can be derived from a high-profile venue with the corporation's name. Last year, Amazon reportedly spent $300 million to $400 million on the rights for an arena in Seattle, now called the Climate Pledge Arena.
A Starbucks spokesperson said the company has no further details to share beyond the June 2 filing.
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According to the filing, Starbucks is seeking approval to use its name to promote the "business, sports and entertainment events of others" and provide "stadium and training facilities for sports and entertainment activities."
Trademark attorney Josh Gerben noted the filing on Friday on Twitter, saying this is how a company would file a trademark application if it's seeking the naming rights to a stadium.
Shares of Starbucks were roughly flat in morning trading. The stock has risen 5% this year, giving it a market value of $132 billion.