On Tuesday morning, LAFC officially broke ground on their new home. They also gave it a name: Banc of California Stadium.
During the groundbreaking ceremony, LAFC announced the naming-rights deal with the Irvine bank, which will include a strategic partnership with “one of the fastest-growing banks in Southern California.”
“We start here,” LAFC lead managing owner Larry Berg said in an official release. “After years of planning and hard work we are set to make history here in the heart of the city. Banc of California Stadium will allow for greater sports-viewing and live entertainment experiences to take place in Los Angeles than ever before.”
Plans for the new stadium at the site of the former Los Angeles Sports Arena were first unveiled more than a year ago, but Tuesday’s groundbreaking and naming-rights deal was a landmark day for LAFC, which is slated to begin MLS play in 2018.
The 22,000-seat stadium, which is scheduled to be completed by the start of the 2018 season, will bring more than $350 million in private investment to South Los Angeles and will be active on non-game days thanks to a surrounding public plaza, restaurants and retail stores.
“This world-class stadium will be a state-of-the-art venue featuring ‘state of the heart’ experience for players, fans and artists,” LAFC executive chairman and owner Peter Guber said.
According to The Los Angeles Times, LAFC signed a 15-year deal with Banc of California for the naming-rights deal.