Irvine-based Banc of California is the $100 million naming partner for the Los Angeles Football Club’s new soccer stadium, which is scheduled to open in 2018.
The club is the newest Major League Soccer franchise in the greater Los Angeles area; the stadium is slated to cost about $275 million to build.
The bank agreed to pay $100 million over 15 years for the naming rights, a news report said.
“Banc of California Stadium will create jobs, attract investment, and increase access to opportunity throughout the region,” said Steven Sugarman, chairman and chief executive of Banc of California. “This partnership supports our enduring commitment to California and its communities.”
The bank also will be the official bank for the soccer club and its foundation and will expand its bank branch services to businesses in L.A. City Council District 9, it said in a news release.
Ground broke today on the open-air, 22,000-seat Banc of California Stadium next to Los Angeles Memorial Coliseum. It and the Coliseum will be part of an entertainment district that includes a large public plaza, restaurants, retail stores and a conference-and-events center, the sports franchise said in a separate news release.
Banc of California has about $10 billion in assets and employs 913 locally and 1,716 companywide.