Major League Soccer (MLS) franchise LAFC is seeking a new naming rights partner for its stadium after announcing a restructuring of its deal with Banc of California.
The financial services group signed a 15-year deal worth a reported $100m (£81.1m/€90.9m) back in August 2016 to name the venue Banc of California Stadium. The restructuring will include the bank “eventually stepping away” from its naming-rights position, while continuing to serve as LAFC’s primary banking partner and remaining a partner on a number of other collaborations.
Reasons were not given for the decision, with LAFC stating the restructuring will give the club the ability to expand its roster of sponsors and partners. “We are extremely proud of our relationship with Banc of California and all that we have built and accomplished together,” LAFC co-owner and president Tom Penn said.
“We thank them for being our founding naming rights partner, helping us create something special and making Banc of California Stadium one of the best sports and entertainment experiences in Los Angeles. We are excited to continue working with Banc of California on our joint community initiatives, while also pursuing a new naming rights partner for the stadium.”
The $350m building, which opened in April 2018, will retain its name for the immediate future. The 22,000-seat stadium has hosted all LAFC home matches, as well as numerous other sporting events, music concerts, festivals and special events. LAFC has sold out every MLS game at the stadium, a streak of 44 straight matches since opening, and has over 18,500 season ticket members.
Jared Wolff, CEO of Banc of California, said: “Banc of California has been honoured to play a key role in the formation of LAFC and the establishment of Banc of California Stadium which is now a sports landmark in the heart of Los Angeles.
“We are especially proud of our joint community outreach initiatives which include our financial literacy program and more recently COVID-19 blood drives at the stadium. We look forward to continuing our collaboration with LAFC to support the club and to serve our community.”
Last week, it was revealed that the New Orleans Saints NFL American football team is also seeking a new naming-rights partner for its home stadium after it was confirmed that Mercedes-Benz will not be renewing its sponsorship of the Superdome.