Banc of California has agreed a deal to take on naming rights to Major League Soccer franchise Los Angeles Football Club’s (LAFC) new stadium.

LAFC will enter MLS for the 2018 season and will play its home games at the 22,000-capacity Banc of California Stadium, construction work on which began yesterday (Tuesday). According to the LA Times newspaper, the bank has agreed a 15-year deal with the club.

Under the strategic partnership, Banc of California also becomes the official bank of LAFC and the LAFC Foundation.

Banc of California Stadium is part of a wide-scale development project on the site of the former Los Angeles Sports Arena, which served as the home for a number of LA-based sports franchises and also hosted events during the city’s staging of the summer Olympic Games in 1984.

LAFC said the new stadium, which has been designed by local architecture firm Gensler, will “maximise both fan and player experiences, incorporating elements and best practices from entertainment and sports venues from around the world”.

LAFC’s ownership group was awarded the team in 2014 and the club released its official colours and crest earlier this year. Film star and comedian Will Ferrell is among the club’s backers.