SoFi lands naming rights for LA NFL stadium

San Francisco-based financial technology startup SoFi has obtained the naming rights for 20 years for the $5 billion football stadium that the Los Angeles Rams and Los Angeles Chargers will unveil and share in the 2020 season.

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The announcement Sunday confirmed a May FOX Business report, which said that the naming rights and partnership deal could cost SoFi as much as $400 million.

The stadium, located in Hollywood Park, will seat 70,000 and is part of a 298-acre property that will also include a hotel, 20 acres of parks, and 1.5 million square feet of retail and office space. The project is being developed by Rams owner Stan Kroenke, in conjunction with the NFL, after the Rams returned to Los Angeles after two decades of playing in St. Louis.

Construction workers continue work in the bowl of the NFL stadium rising in Inglewood, Calif., Tuesday, July 30, 2019. The multi-billion-dollar complex is on schedule to open in July 2020. Officials from the NFL, the Los Angeles Rams and the Los Ange

SoFi CEO Anthony Noto, which launched in 2011 as a college loans and personal finance service, was a former CFO of the NFL.

“We’re thrilled to be introducing SoFi Stadium to the world, through our partnership with Hollywood Park,” Noto said in a statement. “This is a giant leap toward achieving our company’s mission of helping people get their money right by reaching our members where they are."

This architectural rendering provided by LA Stadium at Hollywood Park shows the south east seating view of the National Football League's Los Angeles Rams and Los Angeles Chargers. (LA Stadium at Hollywood Park via AP)

The new stadium is expected to host the 2022 Super Bowl, 2023 College Football Championship game and the opening and closing ceremonies for the 2028 Olympics in Los Angeles.

Rams' owner Stan Kroenke added: "Since breaking ground at Hollywood Park, more than 12,000 people have worked side-by-side on this project, and we are proud to now have SoFi join us on this journey as we prepare to open in the summer of 2020."