Chris Marshall: What price tradition if cash is the name of the game?

IMAGINE there was a Royal Bank of Scotland Edinburgh Castle, a Standard Life Scott Monument or even a Tynecastle renamed the Vladimir Romanov Arena.

While it may seem unlikely, another of the Capital's landmark buildings - Easter Road Stadium - could be about to undergo a corporate makeover of exactly this sort.

Bosses at Hibs have begun consultation over the emotive issue of changing the name of the ground in the hope of bringing in some much-needed cash.

While the move may be unpopular with fans, it has received the support of both football finance and marketing experts, who suggested it could bring in up to 2 million.

Should Hibs change the name of Easter Road stadium to generate cash? Vote here

And if one of the city's most cherished buildings - at least for some - can be re-named, then surely there are others which could be more easily re-branded, to benefit from an injection of private cash.

One of the most obvious contenders is the Ross Bandstand in West Princes Street Gardens. The now faded venue once played host to countless open-air concerts featuring stars such as Kylie Minogue, dances and theatre shows. But years of neglect have left it in a sad state and in need of money which would restore it to its former glory.

Neil Patey, an Edinburgh-based partner at auditors Ernst & Young and a former adviser to Roman Abramovich, says many buildings in the city could benefit from a corporate deal.

"It's something they should be looking at," he says. "For football it's more problematic, but if you step into rugby or the arts, from a corporate point of view that's much more attractive.

"A venue with a good location or a bit of history can be attractive.

"Anything with real history - the Scott Monument or Edinburgh Castle, for example - would be off limits, but arts and sports venues would be viewed more favourably."

Sharon McKinley, director of marketing at Itison.com, adds: "Corporate sponsorships provide venues and events with a valuable income stream which, in the current economic climate, shouldn't be sniffed at.

"Of course, there are good fits and there are bad fits with any sponsorship deal, but I don't believe that any venue should be considered 'off limits'."

But while it makes sense for arts venues such as Lothian Road's HMV Picture House to have a brand attached, the issue becomes somewhat thornier when it comes to football.

David Glen, an expert in football finance at Price Waterhouse Coopers, says clubs need to make sure any corporate association projects the right image.

He points to the success of Arsenal's ground, named after an airline and now known simply as "The Emirates".

"You can't look a gift horse in the mouth, but you have to think about who it is."Arsenal had the advantage of it being a new stadium they were moving to."

Neil Patey says a corporate tie-in for Easter Road could bring in 1m-2m for Hibs. "The bigger the brand, the better you can associate with quality. If you associate with the corner shop, it's going to sound Mickey Mouse.

"There's no real precedent in Scotland, but to be worth your while you have to be talking 1-2m.

"No disrespect to Hibs, but you can't see many multi-national brands getting into bed with a Scottish club.

"In terms of Scottish firms, the likes of Standard Life would not necessarily want to be associated with football and, if you back Hibs, you alienate half the city."