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SoFi Close to Los Angeles Stadium Naming Rights Deal: Reports

New Los Angeles Rams stadium

Several media sources, including Bloomberg and Fox News, are reporting that Social Finance Inc.–best known as SoFi–is close to a $400-million, 20-year Los Angeles stadium naming rights deal for the new Rams/Chargers NFL home.

At $20 million a year, the Los Angeles stadium naming rights deal would be the richest in the NFL, slightly exceeding the $19 million paid annually by AT&T for naming rights to AT&T Stadium, home of the Dallas Cowboys, and the $19 million paid annually by MetLife to MetLife Stadium, home of the New York Giants and New York Jets. The larger the market, the larger the naming-rights deal when it comes to NFL, MLB and NHL/NBA facilities: Citi pays $21 million annually for the naming rights to Citi Field, while Barclays pays $20 million annually for the naming rights to Barclays Center, home of the NBA’s Brooklyn Nets.

The $20 million annual figure, if it happens, would be a significantly lower figure than the $30 million annually sought by stadium officials. The $2.6 billion stadium is expected to open for the 2020 season. From Bloomberg:

The deal for the stadium, which would be home to the Los Angeles Rams and Chargers, hasn’t been signed so figures could change. But currently the agreement would have SoFi pay $20 million a year for 20 years, these people added. SoFi’s current Chief Executive Officer, Anthony Noto, is a former National Football League executive and also inked deals related to football during his time at Twitter….

SoFi has a large marketing budget, which has surpassed $200 million annually for the last few years, as the firm launches new products and seeks to acquire new customers. Last year, SoFi counted more than 500,000 members and made a larger push into mortgage lending as well as its checking and savings product, SoFi Money. Having its name on the stadium of some of the most high-profile teams in the NFL could help boost recognition outside of the financial world.

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