Los Angeles FC Loses Stadium Sponsor 12 Years Early
Jun 8, 2020, by Chris
Major League Soccer side Los Angeles FC will have to search for a new stadium naming sponsor. The club announced that current stadium naming sponsor "Banc of California" will “eventually” step away as the team’s naming-rights partner.
LAFC’s $350m stadium has been known as Banc of California Stadium since the team joined MLS in 2018. The naming-rights deal, which was agreed in 2016, is worth around $6.7m a year ($100.5m over 12 years).
Los Angeles FC Stadium To Be No Longer Called Banc Of California Stadium
The reasons for the restructuring have not been disclosed. According to Sportico, Banc of California will pay a $20.1m termination fee to end the deal 12 years early, which amounts to three years of naming rights fees.
“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 in a statement. “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.”
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