LAFC didn't announce a time frame for the removal of Banc of California from the stadium's nameGETTY IMAGES
LAFC will "seek a new name" for its 2-year-old Banc of California Stadium after the club and bank "restructured their partnership," according to Greg Beacham of the AP. Banc of California will "eventually give up its naming rights to the still-new stadium," although LAFC "didn't announce a time frame for the removal of Banc of California from the stadium's name or the selection of a new naming rights partner." The stadium will be "known by its current name for the immediate future." Banc of California in '16 agreed to a reported 15-year, $100M naming rights deal" (AP, 5/26). The company will remain the team’s primary banking partner and collaborate with LAFC on other projects. When Banc of California reported quarterly earnings a month ago, a report from Zacks Equity Research noted that the bank’s shares have lost about 37% of their value since the beginning of the year and the company has "not been able to beat consensus revenue estimates over the last four quarters" (Karn Dhingra, SBJ Unpacks). Banc of California is "paying a $20.1 million fee for the right to end its stadium-naming deal" (VARIETY.com, 5/27).
