Lender SoFi could put its name on Inglewood’s $5B NFL stadium

The finance company is reportedly ready to pay as much as $20M for sponsorship and naming rights to the stadium, but officials say a final deal has not been struck

Jun.June 02, 2019 10:00 AM
SoFi CEO Anthony Noto and the Los Angeles Stadium and Entertainment District under construction in May 2019 (Credit: LASED, Getty Images)

SoFi CEO Anthony Noto and the Los Angeles Stadium and Entertainment District under construction in May 2019 (Credit: LASED, Getty Images)

SoFi Stadium? SoFi Los Angeles Stadium? SoFi Hollywood Park? The future home of the Los Angeles Charger and Los Angeles Rams in Inglewood may be getting a new name.

San Francisco-based lender SoFi is reportedly in talks to put its name on the $5 billion Los Angeles Stadium at Hollywood Park, according to Fox Business. The deal could see SoFi pay around $20 million a year for the next decade for the sponsorship.

Sources told FOX Business that talks between SoFi and the National Football League were in their late stages and directly involved SoFi CEO Anthony Noto, NFL commissioner Roger Goodell, and L.A. Rams owner Stan Kroenke. However, a report from NBC Sports states that a deal is not in place.

The 70,000-seat stadium in Inglewood is one of the largest projects in the works in the L.A. area and is currently set to open in 2020. It has sparked a wave of investment and development in the city of Inglewood, which has struggled to combat real estate speculation and gentrification.

SoFi, short for Social Finance, recently closed a $500 million round of funding led by the government-owned Qatar Investment Authority. The company has been around since 2011 and is primarily a student loan servicer, but over the years has expanded into mortgage lending and personal loans.

Despite cutting seven percent of its staff late last year, the company is expanding parts of its businesses, including its mortgage lending business. [Fox Business] – Dennis Lynch

Related Articles

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Rodrigo Niño (Credit: Prodigy Network and iStock)

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Real Deal picked up 9 awards from the National Association of Real Estate Editors

The Real Deal wins 9 NAREE journalism awards

(Credit: iStock)

Canada’s favorite alternative investment? Real estate

Starwood Capital Group's Barry Sternlicht and an aerial view of Sydney (Credit: iStock)

Starwood Capital spends big to acquire Sydney office complex

Tishman Speyer CEO Rob Speyer and IMCO Ceo Bert Clark with New York and Los Angeles (Credit: Getty Images and IMCO)

Tishman Speyer joins with Canadian investment vehicle to boost portfolio in gateway cities

Ventas CEO Debra Cafaro and the Quebec City skyline (Credit: iStock)

Ventas acquires Canadian senior living developer in $1.8B deal