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