AEG has announced a naming rights deal on the proposed Los Angeles stadium that has not even received final approval to be built yet.
If and when that happens, the LA Times reports that Farmers Insurance has agreed to pay $700 million over 30 years to call the stadium “Farmers Field.”
The AP says the deal could go to more than $1 billion if the city gets two NFL teams.
While it’s mostly symbolic at this point, a contractual sponsor will go a long way toward legitmising the project — and luring an NFL team to fill it. (Even this week’s Super Bowl is being played in a stadium without a named sponsor.)
No money will change hands until the stadium opens, with a football team secured.
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