Backers of a plan to build a football stadium in downtown Los Angeles have reached a naming rights deal worth $700-million. It’s the first step towards bringing an NFL team to Los Angeles.
AEG, the company that among other holdings owns the Staple Center, announced a 30-year agreement with Farmers Insurance. The deal would provide AEG’s with income, starting at $20- million a year and escalating incrementally every year after, according to individuals familiar with the negotiations. The stadium would be named Farmer’s field.