Entertainment Giant AEG appears to have partnered with Farmers Insurance for naming rights to the proposed stadium in Downtown L.A.
"Farmers Field" is what Tim Lieweke, President and CEO of AEG, hopes the football stadium will be called after the deal was announced at a news conference today. Though the exact terms of the deal were not disclosed, some people close to the project believe the naming rights with Farmers Insurance may be worth up to $700 million, which if true, would be the largest in history. The stadium would be built right next door to the Staples Center, which hosts the L.A Lakers, Clippers as well as the Kings, and could cause some major traffic problems in an already congested part of town.
Lieweke promised that the $1 billion stadium will be built entirely of private funds, easing pains for L.A mayor Antonio Villaraigosa, whose city has no cash available for any such project. This brings Los Angeles one step closer to bringing the NFL back to the second largest market in the United States.
Villaraigosa maintains, "'football is coming back to Los Angeles.'"
Read the full story: Los Angeles Aims to Win NFL Team as Farmers Insurance Puts Name on Stadium
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