LAFC struck a deal with Banc of California who bought the naming rights to their new stadium in a 15-year $100.5 million deal. However, after two years into the deal, the club is now looking to find a new naming rights partner.
The deal that was agreed to in 2016 was recently restructured and has Banc of California steeping away from naming rights of the stadium. However, the club’s primary banking partner will stick around to continue to collaborate on different projects.
LAFC co-owner and President Tom Penn released a statement about the announcement.
“We are extremely proud of our relationship with Banc of California and all that we have built and accomplished together. 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.”
The $350 million venue that seats 22,000 was supposed to hold the MLS All-Star game before Covid-19 came into play. Now the stadium will house the event in 2021 but no timeframe has been announced to when a new naming partner will be found.
