Sources: Inglewood Stadium Lands SoFi As Naming-Rights Sponsor
Private lending company SoFi has "acquired naming rights" for the $5.2B NFL stadium in Inglewood, according to sources cited by Don Muret of VENUES NOW. Sources said that terms of the deal are "believed to be in the range" of $20M per year over 20 years. That annual value would be "on par with the naming-rights agreement for MetLife Stadium." Sources also said that the deal was "signed two weeks ago," though it is "not known what the exact name of the stadium will be." Sources added that the price of the deal is lower than the $35-40M per year the district "proposed when it initially went to market with the naming rights." SoFi "already has a presence in sports marketing," after last year signing a multiyear deal to be presenting sponsor of the Big Ten's men's basketball tournament. The firm has also "sponsored the Pac-12 Conference men's basketball tournament and the Winter X Games," as well as this year's NBA Playoffs (VENUESNOW.com, 5/29). FOXBUSINESS.com's Gasparino & Moynihan report the deal "would be a coup" for SoFi CEO Anthony Noto, who spent three years as NFL CFO. Sources said that the deal "is not complete," though talks are "considered to be in the late stages." The negotiations "largely involve" Noto, NFL Commissioner Roger Goodell and Rams Owner Stan Kroenke (FOXBUSINESS.com, 5/29). Legends is negotiating sponsorship, including naming rights, on behalf of the L.A. Stadium & Entertainment District (THE DAILY).