It means that sports competitions or other similar activities sell their names to companies or manufacturers that want to advertise. The latter can use the competition or other activities to promote and introduce their own rights.

The right to put your name in front of something: the one who won this competition | the company who won the new overpass~.

In layman’s terms, it means that a business sponsors an event (such as a competition, charity performance, etc.) and obtains the right to name the event with its own trademark or brand. Some events have many sponsors, and only the business with the highest investment has naming rights.