L.A. Stadium secures naming rights partner – report

US personal finance company Social Finance (SoFi) has today (Wednesday) declined to comment on a report that it has acquired naming rights to L.A. Stadium, the $2.6bn (£2.05bn/€2.33bn) future home of NFL American football teams the Los Angeles Rams and Los Angeles Chargers.

The Venues Now website, citing multiple sources, said an agreement was reached two weeks ago on a deal believed to be worth around $20m per year over a 20-year period. Contacted by TheStadiumBusiness.com today, a SoFi spokesman said the company isn’t offering comment on the report.

Los Angeles Stadium and Entertainment District was originally said to be seeking around $35m to $40m per year for the naming rights. However, the reported L.A. Stadium deal compares to the $400m MetLife is said to have paid in 2011 over a 20-year term for naming rights to the stadium shared by the New York Giants and New York Jets. Having opened in 2010, MetLife Stadium is currently the only NFL stadium shared by two teams.

With less than 16 months from its opening, Rams and Chargers representatives last month held a ceremony to mark the milestone of the “topping out” of the steel roof shell of the stadium’s canopy.

The 70,240-seat stadium, which is part of the LA Stadium and Entertainment District project at Hollywood Park, is scheduled to hold the Super Bowl in 2022 and is controlled by Rams owner Stan Kroenke.

SoFi has ties to the NFL through its CEO Anthony Noto, who served as chief financial officer of the League from February 2008 to October 2010.

Image: Los Angeles Chargers