Social Finance (SoFi) has acquired naming rights to the new NFL stadium currently under construction in Los Angeles, according to VenuesNow.
The website, citing multiple sources, reported that the private lender has agreed a deal worth $20m (€17.9m) a year over 20 years. The deal was reportedly signed two weeks ago.
The Los Angeles Stadium and Entertainment District (LASED) broke ground in 2016 and will serve as the home of the Rams and Chargers NFL teams. The 72,000-seat stadium is due to open in 2020.
VenuesNow said it remains unclear what the stadium will be called under the terms of the agreement. The Wasserman agency is said to have consulted on the deal.
According to VenuesNow, the price agreed for the rights is lower than the $35m to $40m a year that LASED had originally proposed.
The stadium has already been pencilled in to stage the NFL’s showpiece Super Bowl game in 2021, while it is also set to be a host venue during the 2028 Olympic Games in Los Angeles.