Banc of California announced Tuesday it is giving up its naming rights for the Los Angeles Football Club’s stadium at Exposition Park, opening an opportunity for a new stadium sponsor to move in.
Banc of California and the LAFC jointly announced a restructuring of their long-term partnership, with the bank eventually surrendering naming rights on the stadium while still continuing to serve as LAFC’s primary banking partner. The restructured deal gives LAFC the ability to seek out other potential sponsorships.
“We are extremely proud of our relationship with Banc of California and all that we have built and accomplished together,” said Tom Penn, LAFC president and co-owner. “We thank them for being our founding naming rights partner, helping us create something special and making Banc of California Stadium one of the best sports and entertainment experiences in Los Angeles. We are excited to continue working with Banc of California on our joint community initiatives, while also pursuing a new naming rights partner for the stadium.”
In August 2016, Banc of California became the first naming rights partner for LAFC’s open-air stadium. The $350 million building will retain the bank’s name for the immediate future while another naming-rights sponsor is sought.
LAFC has sold out every Major League Soccer game at the stadium, a streak of 44 straight matches since its opening in April 2018. The stadium has also hosted concert performances by the likes of Mumford & Sons, Iron Maiden and The Original Misfits.
“Banc of California has been honored to play a key role in the formation of LAFC and the establishment of Banc of California Stadium, which is now a sports landmark in the heart of Los Angeles,” Banc of California CEO Jared Wolff said. “We are especially proud of our joint community outreach initiatives which include our financial literacy program and more recently COVID-19 blood drives at the stadium. We look forward to continuing our collaboration with LAFC to support the club and to serve our community.”
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