Backers of a plan to build a football stadium in downtown Los Angeles are set to announce Tuesday that they have reached a naming-rights deal worth $700 million, which would be the most valuable such agreement ever and a significant step toward bringing an NFL team to Los Angeles.
AEG, the huge entertainment company that, among other holdings, owns Staples Center and the L.A. Live complex, plans to announce a 30-year agreement with Farmers Insurance. The deal would provide AEG’s proposed project a crucial chunk of contractually obligated income, starting at $20 million for the first year and escalating incrementally every year after, according to individuals familiar with the negotiations but not involved in them. The stadium would be named Farmers Field.
Full Story: NFL in Los Angeles: AEG, Farmers Insurance in stadium naming-rights deal – latimes.com