AEG’s proposed football stadium and event center in downtown Los Angeles now has an official name — Farmers Field — as Farmers Insurance has signed a naming rights deal on the proposed venue.
According to earlier reports, Farmers will pay $600 million during a 30-year period to put the Farmers brand on the stadium.
The announcement was made during a Tuesday news conference at the Los Angeles Convention Center.
Although there was much enthusiasm about the sports aspect, with Mayor Antonio Villaraigosa exclaiming, “Football is coming back to Los Angeles,” a continual emphasis was placed on jobs and economic impact.
Villaraigosa cited an unemployment rate of more than 30 percent in the construction industry and how just building the stadium will serve an immediate economic impact.
The new facility was also touted as one that will help the Los Angeles Convention Center continue its growth and make the city once again a top destination for conventions.
AEG President Tim Leiweke touted the partnership between Los Angeles-based AEG and Farmers, which is also based in Los Angeles, saying Farmers is “a company that gets L.A.”
Farmers Executive Vice President Paul Patsis echoed Leiweke’s sentiments on the partnership. He also echoed the idea of Farmers Field being an economic boon for the area.
“When I think of Farmer Field — I think of Farmers, I think of Field, I think of growth. Things grow on fields. We’re talking about economic growth,” Patsis said.
Leiweke also emphasized that the stadium will be paid for by AEG, but that the public sector will play a significant part in making Farmers Field happen, saying the project will be “driven by the public sector, but paid for by the private sector.”
Leiweke kept alluding to the construction of Staples Center and L.A. Live, both AEG projects that took a major public-private partnership.
“This is a vision that has been tried and tested, and we’re going to do it again, Mayor,” Leiweke said.
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