The Los Angeles Football Club and Banc of California Tuesday 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 the Major League Soccer club’s primary banking partner and remaining a partner on a number of other collaborations.
It was not known whether the COVID-18 pandemic had anything to do with the restructuring in the LAFC press release.
“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 in a statement. “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 stadium 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,” Banc of California president Jared Wolff said in a statement. “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.”