LAFC and Banc of California, N.A. today jointly announced a restructuring of their long-term partnership. The restructuring will include the bank eventually stepping away from its naming-rights position on LAFC’s downtown stadium, while continuing to serve as LAFC’s primary banking partner and remaining a partner on a number of other collaborations. The restructuring will also give LAFC the ability to expand its roster of sponsors and partners in support of the Club for years to come.
“We are extremely proud of our relationship with Banc of California and all that we have built and accomplished together,” LAFC Co-Owner and President Tom Penn said. “We thank them for being our founding naming rights partner, helping us create something special and making Banc of California Stadium one of the best sports and entertainment experiences in Los Angeles. We are excited to continue working with Banc of California on our joint community initiatives, while also pursuing a new naming rights partner for the stadium.”
Banc of California became the naming rights partner for LAFC’s state-of-the-art stadium located in the heart of Los Angeles in August 2016, and the $350-million building will retain its name for the immediate future. “The Banc” has been home to all LAFC home matches, as well as numerous other sporting events, music concerts, festivals and special events.
“Banc of California has been honored to play a key role in the formation of LAFC and the establishment of Banc of California Stadium which is now a sports landmark in the heart of Los Angeles,” said Jared Wolff, CEO of Banc of California. “We are especially proud of our joint community outreach initiatives which include our financial literacy program and more recently COVID-19 blood drives at the stadium. We look forward to continuing our collaboration with LAFC to support the Club and to serve our community.”
LAFC has sold out every MLS game at the stadium, a streak of 44 straight matches since April 2018, and has over 18,500 season ticket members. In just its second season, the Club enjoyed a record-breaking 2019, establishing a new MLS mark for most points in a season as they won the Supporter’s Shield; Carlos Vela was named the MLS Most Valuable Player; and Bob Bradley was MLS Coach of the Year. Off the field, LAFC was named to Fast Company’s annual list of the World’s Most Innovative Companies for 2019, Front Office Sports’ Best Employer in Sports List for 2019 and the Front Office of the Year by the Independent Supporters Council.
Banc of California Stadium has quickly established itself as an entertainment icon in Los Angeles, hosting landmark concerts like Mumford & Sons, Iron Maiden and The Original Misfits while serving as a dynamic site for major events such as Rolling Loud, Wango Tango, movie premieres, and major sporting and corporate events.