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AEG, an LA-based developed announced this week Farmers Insurance Exchange has agreed to pay $700 million for naming rights for a proposed sdowntown Los Angeles football stadium and event center. The 30-year deal provides naming rights for a 1.7 million square foot stadium designed to host football games, international soccer matches and other championship competitions along with concerts and entertainment events. The stadium will be called Farmers Field.
Farmers, also based in Los Angeles, is the largest auto insurance company in the state and the third-largest personal lines insurer in the nation, and AEG, developers of STAPLES Center and L.A. LIVE made the announcement together in the West Hall of the Los Angeles Convention Center, the future site of the new stadium which will occupy the footprint of the current West Hall.
“This groundbreaking agreement with Farmers not only makes this the largest long- term commitment in naming rights history, it also signals the most significant step forward in creating the football stadium and event center and bringing an NFL team back to Los Angeles,” said Timothy J. Leiweke, President & Chief Executive Officer, AEG, developers of the project. “Farmers’ commitment and partnership also allows us to completely privatize the development of the stadium, which will become the true catalyst needed to, once and for all, upgrade the Los Angeles Convention Center to become a top five facility of its kind in the nation.”
“This investment will court the NFL, and bring jobs and economic development to downtown Los Angeles,” said Bob Woudstra, Chief Executive Officer of Farmers Insurance. “Farmers Insurance was founded in Los Angeles and has been headquartered here for more than 80 years. We have always sought to be net givers, not net takers, in the communities we serve, and we are excited to be a part of this lasting legacy.”
During the press conference, Leiweke also detailed AEG’s commitment to develop Farmers Field at absolutely no cost to taxpayers and absolutely no risk to the City’s general fund; a statement that has prompted much debate in the local news media. The commitment from Farmers puts the downtown site well ahead of another site in the City of Industry being proposed by a rival developer.
“Farmers Field represents a rare opportunity to merge a significant investment in Los Angeles with tremendous exposure for the Farmers brand,” said Kevin Kelso, Executive Vice President and Chief Marketing Officer of Farmers Insurance. “But this extends well beyond the Los Angeles market: this showcases the Farmers brand on a national stage.”
Farmers and AEG also announced the launch of a new website, Farmersfield.com where fans can receive information about Farmers Field and sign up to be on a priority list for a variety of premium seating options. Information is now available online at http://www.farmersfield.com.