Banc of California Signs $100M Stadium Deal

The 22,000-seat stadium is the first open-air stadium in Los Angeles since 1962.

LOS ANGELES— Banc of California has partnered with Los Angeles Football Club —the newest MLS team—to build a 22,000-seat home stadium for the team. The $350 million stadium will be named the after the bank. The value of the partnership was not disclosed, but industry sources tell GlobeSt.com that Banc of California paid $100 million for 15-year naming rights on the stadium. “Our partnership with the Los Angeles Football Club is a great cultural fit for Banc of California,” Steven Sugarman , chairman and CEO of Banc of California, tells GlobeSt.com. “We have demonstrated our commitment to serving South Los Angeles in recent years by increasing our investments in the community to help create more local jobs and access to capital for small businesses. We also hosted the world’s largest financial literacy education event in South L.A. at the Galen Center. LAFC shares our commitment to empowering this community, which provides the essential foundation to our partnership.” To increase the benefits to the community, Banc of California will focus on hiring residents from surrounding communities at a livable wage and will forge stadium partnerships with diverse business owners and  local business owners. Once complete, Banc of California Stadium will be the first open-air stadium built in the city since 1962. In addition to hosting Los Angeles Football Club games, the stadium will also host cultural, entertainment and sporting events. “Banc of California Stadium is a very exciting project for the entire Los Angeles market,” adds Sugarman. “The vision for the stadium is to create a dynamic soccer experience for fans, while also improving the surrounding community by adding more green space, restaurants, retail and a new conference and event center. We will also open a new Banc of California branch inside the stadium, which will be accessible to the community all year round. Banc of California Stadium will be a cultural landmark for Los Angeles.” The project will open in 2018. The project will also spark economic growth, according to both Banc of California and LAFC. It will generate $130 million in economic growth and create thousands of jobs. “By creating 1,800 permanent full-time jobs and over $130 million in economic output annually, there is no doubt Banc of California Stadium will further the reinvigoration of not only South Los Angeles, but also surrounding communities such as Downtown Los Angeles,” says Sugarman. “By expanding our footprint and increasing access to capital for small businesses, I expect Banc of California Stadium will attract further investments in the community for decades to come.” As part of the partnership, the bank will also expand its banking services in the area, and will increase access to capital for businesses. The bank will also serve as the official bank of LAFC and the LAFC Foundation.