Rampage
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- Mar 19, 2019
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Multiple reports have indicated that SoFi has struck a deal to buy the naming rights to the new L.A. stadium. The people responsible for such matters say that no deal is in place.
According to John Aceti of Sports Business Daily, the managing director of the L.A. Stadium & Entertainment District says that the discussions with potential naming-rights partners is “ongoing.”
SoFi reportedly will pay roughly $20 million per year for 20 years to put its name on the venue. That’s far less than the $35-40 million that had been targeted for the honor, and it’s entirely possible that this week’s news items were aimed at getting some other company to step up with a sweeter deal.
What does SoFi get? Beyond the free publicity arising from multiple media reports mentioning its name and its mission, SoFi’s CEO, Anthony Noto, previously worked for the NFL. Doing the Rams and the league a favor along these lines helps maintain relationships, and possibly positions SoFi for something other than a $20 million per year naming-rights deal.
Regardless, the situation proves yet again that no deal is done until it’s done. And this deal apparently isn’t done.