May 30, 2019 - Sports

Report: SoFi to pay $400 million to put its name on new L.A. stadium

Kendall Baker

In this illustration, a birds eye view of a football green shows circles in the middle of the field. — Illustration: Lazaro Gamio/Axios

Private lender SoFi will pay roughly $400 million over 20 years to put its name on the new stadium that the Rams and Chargers will share in Inglewood, Calif., according to multiple reports.

Quick take: The price is in line with what MetLife pays annually for the rights to the stadium that the Giants and Jets share in East Rutherford, N.J.

SoFi also announced yesterday that it closed a new $500 million funding round led by the Qatar Investment Authority that values the company at $4.8 billion.

The big picture: As noted by Arash Markazi of the Los Angeles Times, the new Inglewood stadium carries enhanced value that could make the SoFi name synonymous with L.A. in record time.

What to watch: Beyond hosting two NFL teams, the venue will enter the Super Bowl rotation, stage multiple college football championships and host the 2028 Summer Olympics. It will also be directly below the flight path into LAX.

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Report: SoFi to pay $400 million to put its name on new L.A. stadium

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