Banc of California Signs $100M Stadium Deal

The 22,000-seat stadium is the first open-air stadium in Los Angeles since 1962.

LOS ANGELES—Banc of California has partnered with Los Angeles Football Club—the newest MLS team—to build a 22,000-seat home stadium for the team. The $350 million stadium will be named the after the bank. The value of the partnership was not disclosed, but industry sources tell GlobeSt.com that Banc of California paid $100 million for 15-year naming rights on the stadium.

“Our partnership with the Los Angeles Football Club is a great cultural fit for Banc of California,” Steven Sugarman, chairman and CEO of Banc of California, tells GlobeSt.com. “We have demonstrated our commitment to serving South Los Angeles in recent years by increasing our investments in the community to help create more local jobs and access to capital for small businesses. We also hosted the world’s largest financial literacy education event in South L.A. at the Galen Center. LAFC shares our commitment to empowering this community, which provides the essential foundation to our partnership.” To increase the benefits to the community, Banc of California will focus on hiring residents from surrounding communities at a livable wage and will forge stadium partnerships with diverse business owners and  local business owners.