A well-named stadium becomes free advertising for whoever has the money to put their name on it. While teams like the Cowboys and Yankees are large enough entities on their own to use their names on the stadium, most teams want a corporate sponsor, and businesses are willing to pay top-dollar to get their names on the outside.
As the Rams and Chargers get ready to move into their new stadium, it was recently revealed that it will be one of the most expensive naming-rights in the history of professional sports. And, in one of the largest markets in the country, the name will soon be huge.
The new Rams/Chargers stadium
The Rams and Chargers are sparing no expense on the new stadium. The football haven will cost a combined $4.9 billion in construction, with special love going into nearly every aspect of the field. The Inglewood stadium is believed to be somewhere around 3-million-square-feet in size and will spare no expense.
Although the Chargers are attached to the project — despite fears that they may not be able to properly split the bill — the new stadium is the brainchild of Rams owner Stan Kroenke. It will go into a 298-acre district that holds other sports and entertainment offerings. The nearly $5 billion price is over double the $2 billion price of the Raiders’ future home in Las Vegas.
The Rams/Chargers stadium will fit 70,000 people, with the expandable possibility of over 100,000 others for special events. There will be 260 luxury suites across the stadium and 13,000 premium seats for those who want to pay extra for an in-game experience.
The Rams/Chargers’ amenities
The open-air stadium will have a unique teardrop design with a glass top that still allows for natural lighting when it rains. While most stadiums have large video screens, the Los Angeles venue will feature an ovular display that hovers over the whole field, meaning that everyone can see it no matter where they sit.
The luxury seats around the arena scream opulence, with leather seats, gourmet food and drink options, and even patio seating for those who want fresh air. The stadium will be packed with food options and entertainment that caters to the LA market.
The area around the arena will be a spectacle in its own right. Retail space, restaurants, and another performance venue will be attached to the stadium. Deep-pocketed Angelinos will be able to stay in the nearby five-star hotel or one of the nearby apartments, which will be located near a man-made lake.
What is the new Rams/Chargers stadium called?
With a $5 billion price tag and thousands of people coming in and out of the stadium every week, the naming rights will inevitably cost a pretty penny. The bill ended up going to SoFi. This eight-year-old startup began as a student loan refinancier. It secured the winning bid, so SoFi Stadium will be the name when the new stadium opens.
The partnership is split between the two teams and will allow the privately-owned financial company to have exclusive naming rights for over 20 years. In all, the naming rights will cost the company $20 million over 20 years, meaning that it will net the Chargers and Rams over $400 million throughout the deal.
Although some speculated that the cost would be higher, Sofi had the highest bid, and in theory, pays for nearly 10% of the stadium on its own.
Although Los Angeles has had football back for a few years, the opening of the new stadium should be what officially starts a new era in NFL football. The Rams and Chargers seem to have a lovely palace to play when SoFi opens in the summer of 2020.