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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1 min ago - World

U.S. rejects China's claims to territory in South China Sea

Photo: Artyom Ivanov\TASS via Getty Images

The State Department announced Monday that it rejects most of China's territorial claims in the South China Sea, a first from the U.S. as the Trump administration toughens its approach toward Beijing.

Why it matters, via Axios' Bethany Allen-Ebrahimian: This is a significant, if symbolic, step towards a tougher U.S. approach to China's attempted annexation of the open seas.

Los Angeles and San Diego public schools will be online only this fall

Alhambra Unified School District. Photo: Frederic J. Brown/AFP via Getty Images

Public schools in Los Angeles and San Diego, the two largest public school districts in California, will not be sending children back to campuses next month and will instead administer online classes due to concerns over the ongoing threat of the coronavirus.

Why it matters: The two districts, which together enroll about 825,000 students, are the largest in the country thus far to announce that they will not return to in-person learning in the fall, even as the Trump administration aggressively pushes for schools to do so.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 12,984,811 — Total deaths: 570,375 — Total recoveries — 7,154,492Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 3,327,388— Total deaths: 135,379 — Total recoveries: 1,006,326 — Total tested: 40,282,176Map.
  3. World: WHO head: There will be no return to the "old normal" for the foreseeable future — Hong Kong Disneyland closing due to surge.
  4. States: Cuomo says New York will use formula to determine if reopening schools is safe.
  5. Politics: Mick Mulvaney: "We still have a testing problem in this country."