Cash-strapped city finds no sponsors

Kyodo

The Debt-ridden municipality of Izumisano, the site of Kansai International Airport in Osaka Prefecture, said no potential corporate sponsor has yet expressed an interest in buying the right to rename the city since the local government started inviting bids last month.

A requirement to cover renaming costs of around ¥1 billion, in addition to other expenses, apparently scared off potential bidders even though details of the plan were initially unveiled in June, municipal officials said Friday.

The officials, however, said the city received three bids to have public buildings renamed, and will continue soliciting sponsors for the right to rename it.

Izumisano’s finances have deteriorated since it became burdened with costs related to the construction of infrastructure for the offshore airport, according to municipal officials.