Personal finance lender SoFi could be nearing a multimillion-dollar deal to attach its name to the under-construction Inglewood stadium that will be home to the Rams and Chargers, according to multiple media reports Wednesday.
The company, formally known as Social Finance, has not commented on the reports, which began on Venuesnow.com. The website reported Wednesday morning that SoFi has already signed a naming-rights deal for the stadium, with the price estimated at $20 million a year for 20 years.
The Los Angeles Times, citing an unnamed source, confirmed that SoFi was in talks for naming rights, but reported that a deal had not yet been finalized. Fox Business also reported that a roughly $20 million-a-year deal with SoFi was in the works but not signed.
The stadium is being built on the 300-acre former Hollywood Park racetrack site in Inglewood, spearheaded by Rams owner Stan Kroenke. The Chargers will share the stadium as a tenant.
The cost of the stadium was originally estimated at $2.6 billion, although that cost has likely risen. The Hollywood Park project, which will eventually include retail and entertainment venues along with residential and office space, is estimated at $5 billion.
The stadium had been scheduled to open this year, but was delayed by a year due to the unusually wet 2016-17 winter season. The stadium will host the Super Bowl in February 2022.