During the foundation of your club, you can give a name to your team’s stadium. It can be renovated continuously like all the other facilities of the club. The construction of the stadium can increase the attendance of more spectators to support your team during your home matches. Also, a good pitch is an effective way to reduce your players' risk of injury.
For more details on how to upgrade your facility, see "How can I build my stadium?" in the section Facilities of the FAQ.