The San Francisco 49ers have agreed terms on a 20-year, $220.3 million (€168.2 million) deal, for Levi Strauss to assume the naming rights to the National Football League (NFL) team’s new stadium.
The deal with the San Francisco-based jeans manufacturer is expected to be given the formal green light during a special Santa Clara City Council meeting tonight. It will see the $1.2 billion, 68,500-seat venue named Levi’s Stadium ahead of its scheduled opening in the summer of 2014.
The San Jose Mercury News reported that the total contract, which averages out to about $11 million per year in the first two decades, is at least the fourth-highest in NFL history and is more than the combined naming rights deals secured by local major league teams the San Francisco Giants, Oakland Raiders, Oakland A's, Golden State Warriors and San Jose Sharks. It includes the option of a further five-year extension for around $75 million.
Levi Strauss is said to have fought off competition from 31 other interested companies for the naming rights to the 49ers new home – including three to five unnamed corporations that were in the final stages of negotiations.
San Francisco 49ers CEO Jed York said: “49ers have worn Levi's jeans since the Gold Rush era. We are so honoured to have the perfect partner for the premier outdoor sports and entertainment venue in the world. A model of innovation and sustainability, Levi's Stadium will bring to life all that is special about the Bay Area.”
Levi Strauss & Co. CEO Chip Bergh added: “Levi’s Stadium will connect two iconic Bay Area brands that share similar values, a rich heritage and a pioneering spirit. Joining the incredible legacy of the 49ers organisation is a perfect fit for the Levi’s brand – and a chance for us to engage with sports and music fans across the Bay Area and around the world.”