Digital personal finance company SoFi has acquired naming rights to the LA Stadium and Entertainment District at Hollywood Park in a 20-year deal that will reportedly be worth more than $30m (£24m/€27m) a year.
The state-of-the-art stadium, which is due to open next summer, will serve as the home of the Rams and Chargers NFL American football teams. The venue will officially be called SoFi Stadium as part of the agreement.
SoFi becomes an official partner of the two teams and will also be a partner of the on-site, 6,000-seat performance venue and surrounding entertainment district.
Financial terms of the agreement were not disclosed but the Bloomberg news agency, citing a person familiar with the deal, reported that SoFi will pay more than $30m a year over 20 years. The figure would mark a record naming-rights deal for a sports venue.
Hollywood Park will be a 298-acre sports and entertainment space. As well as hosting Rams and Chargers games, the stadium will hold year-round sports and entertainment events and has already been pencilled in to stage the 2022 Super Bowl and the opening and closing ceremonies of the 2028 Olympic Games.
SoFi chief executive Anthony Noto said: “This is a giant leap toward achieving our company’s mission of helping people get their money right by reaching our members where they are. The partnership with this transformative project taking shape under (Rams owner) Stan Kroenke’s leadership is the perfect opportunity to drive awareness and trust in the SoFi brand as we continue to grow and reach members on a national level.”
The 70,000-seat stadium will be expandable up to 100,000 and will feature 260 luxury suites, more than 13,000 premium seats and over three million square feet of usable space. SoFi will also receive a 27,000-square-foot branded VIP activation space inside the stadium, including a dedicated lounge for its members.
Kroenke added: “It would be impossible to build a stadium and entertainment district of this magnitude without incredible and innovative partners who share our ambitions for Los Angeles, our fans worldwide and the National Football League. Since breaking ground at Hollywood Park, more than 12,000 people have worked side by side on this project, and we are proud to now have SoFi join us on this journey as we prepare to open in the summer of 2020.
“From our first meeting with Anthony Noto and his team, it was clear that SoFi wants to transform not only the financial industry but also the lives of its members. SoFi has a deep appreciation of the aspirations of its members – quality education, home ownership and achieve their ambitions. They are helping millions of people achieve their dreams and helping us realise our own promise at SoFi Stadium.
“Customer service and the fan experience is tantamount to everything we’ll do at SoFi Stadium. It was critical for us to find a tech-focused partner who is on the cutting edge and genuinely understands the needs of all of our constituents and who challenges us to think in creative ways to make every visitor to SoFi Stadium and Hollywood Park feel special and at home.”
The partnership was sourced and negotiated by Legends Global Partnerships.
Images: SoFi Stadium