PASADENA – For the first time, the Rose Bowl’s storied field — home to hundreds of gridiron and soccer clashes and live performances by the world’s top musicians — could bear a name.

But it won’t be of a corporate sponsor. The field will be named for Silicon Valley real estate investor and UCLA alum Richard “Tod” Spieker, who is prepared to donate $10 million to kickstart a $40 million fundraising campaign for stadium improvements. Stadium staffers say the upgrades are necessary to keep the Rose Bowl financially viable and preserved for future generations.

The Rose Bowl Operating Company. will seek city approval Monday for new name. Its goal is to raise a total of $40 million by the stadium’s 100th birthday in 2022.

The most prominent place Spieker’s name will be seen is on the hedges that surround the field, not on the field itself, said Darryl Dunn, CEO and general manager of the Rose Bowl.

And you won’t hear Spieker’s name being dropped on broadcasts, as media outlets covering events at the Rose Bowl will not be required to refer to the field as the “Tod Spieker Field at the Rose Bowl,” a requirement often seen at other venues with corporate naming sponsorships, Dunn said.

In addition to philanthropic efforts elsewhere, Spieker actively supports UCLA through the Spieker Aquatic Center, the Tod Spieker Colloquium Series in Geography, the UCLA Ziman Center for Real Estate and the UCLA Foundation, according to the Ziman Center website.

Dedan Brozino, executive director of the Rose Bowl Legacy Foundation, the stadium’s nonprofit fundraising wing, said a donation that satisfies 25 percent of a donation campaign is extremely rare and will, hopefully, inspire other donors to give.

“We’re more vibrant than we’ve ever been before in terms of experiences — the game day experiences, the events, the day-to-day relevance of the Rose Bowl — and to be able to apply this $40 million philanthropic campaign back into that stadium to make sure the next generation understands and appreciates it as much as we have gotten to do is pretty special,” Brozino said. “We’re just incredibly thankful that (Spieker) has trusted our vision enough that he wants to be part of that.” Like our Facebook page for more conversation and news coverage from the Bay Area and beyond.

Should the City Council accept Spieker’s donation in return for field name recognition — not to be confused with a sponsorship — the field will bear his name for 25 years, at which point the field name could change, Dunn said.

Most recently, using funds donated by Mickey and Lee Segal of Arcadia, the Rose Bowl Legacy Foundation restored a 1922 locker room in the stadium and repurposed it as a small museum in hopes it will encourage more donations to fund an even larger museum, Dunn said in August.

About a year ago, the stadium completed a $183 million multiphase renovation that saw, among other improvements, the addition of the Terry Donahue Pavilion, which added more than 100 luxury suites and boxes, 1,200 club seats and a state-of-the-art press box and broadcast center.

That effort was what Victor Gordo, city councilman and president of the Rose Bowl Operating Company, called a “first step toward preserving the bowl and positioning it for future success.” The next set of improvements would improve the fan experience at the stadium and may include:

New stadium lights, about $2-3 million

New stadium seating, about $8-11 million

Wi-Fi, about $6 million

Updated stadium safety elements, about $1.2 million

Updated stadium concession stands and bathrooms, about $4.75 million

Updated video board, cost to be determined

Updates and improvements to Brookside Clubhouse, cost to be determined

One of the major challenges the stadium faces is that it’s owned by the city of Pasadena, leaving the operating company unable to simply ask investors for additional funds, and it can’t host an event every night of the summer because city rules designed to protect nearby residents, Gordo said. As a result, philanthropy remains the best way to fund stadium improvements without forcing the city to spend out of its general fund, he added.

“We have to be respectful of the surrounding neighborhood, and we have to consider the needs of the Tournament of Roses and UCLA,” Gordo said. “If you look at other stadiums, they don’t face nearly the same challenges.”

In fact, there’s even greater need for the improvements because of the $2.6 billion Inglewood stadium Los Angeles Rams owner Stan Kroenke is building and the Los Angeles Coliseum’s $270 million renovation plan, Dunn said. Reading this on your phone? Stay up to date with our free mobile app. Get it from the Apple app store or the Google Play store.

While Dunn recognizes the city and Rose Bowl Operating Company could receive pushback from residents for naming the field, he said doing so as part of the fundraising campaign is in the stadium’s best long-term interests.

“We’re guardians of the Rose Bowl,” Dunn said. “We help steers it and make decisions that take care of it and look to its future.”

“The Rose Bowl certainly is iconic and has a cache to it, but at the same time we need to generate more revenue so we can reinvest into it and take care of it.”