February 4th, 2011
AEG, Farmers Insurance sign $600M naming-rights deal for downtown L.A. stadium
Five days before the Super Bowl will be played at a stadium without a corporate name, AEG today will announce that it has signed Farmers Insurance to a 30-year, $600 million naming-rights deal for a proposed 1.7 million square foot, 68,000-seat football stadium in downtown Los Angeles that has no architect, no site approvals and no NFL team.
The proposed billion-dollar stadium will be called Farmers Field. Some of the parties involved in the deal were touting it as the largest naming-rights contract ever. Farmers CMO Kevin Kelso called it an exceptional branding play, especially crucial now, with the always-competitive insurance market spending more than ever on media and sports marketing assets.