First National Bank (FNB) has retained the naming rights to a number of stadiums including Soccer City (the stadium that hosted a number of the FIFA World Cup 2010 games including the opening and final game) after Stadium Management South Africa (who manage a number of stadia) had decided to ignore their contractual terms with FNB.
The High Court decision was widely reported in the press yesterday (see here, for example) and the contractual terms are displayed on FNB's website here. The case will come as a relief to all sponsors and especially those of stadia. Without a copy of the judgement or the arguments by SMSA it is difficult to comment but this looks like a case where the laws of contract have been upheld and that is a good thing for business .... and for all latin/english dictionaries who would be confused if "caveat subscriptor" did not mean "signor beware".
The High Court decision was widely reported in the press yesterday (see here, for example) and the contractual terms are displayed on FNB's website here. The case will come as a relief to all sponsors and especially those of stadia. Without a copy of the judgement or the arguments by SMSA it is difficult to comment but this looks like a case where the laws of contract have been upheld and that is a good thing for business .... and for all latin/english dictionaries who would be confused if "caveat subscriptor" did not mean "signor beware".
