In the clearest indication yet that the NFL will return to Los Angeles sooner rather than later, the group hoping to build a football stadium in downtown L.A. will announce Tuesday a naming-rights deal with Farmers Insurance, according to Sam Farmer of the Los Angeles Times.
The 30-year agreement carries a value of $700 million. In the first year, Farmers Insurance will pay $20 million, with the amount growing each year thereafter.
The possibility of a naming-rights arrangement with Farmers Insurance was first reported last month by Peter King of Sports Illustrated.
The stadium, if constructed, will be named “Farmers Field.”
As Farmer (not Farmers) points out, the folks at AEG have turned the typical time line upside down. But the move demonstrates the viability of the project and creates momentum.
Farmer (not Farmers) will appear on Tuesday’s ProFootballTalk Live to discuss the status of the project, the possible demise of the competing project in City of Industry, the team(s) that may play there, and other issues relevant to the return of the N.F.L. to L.A.