Proposed Los Angeles NFL Stadium to Be Named Farmers Field

AEG and Farmers Insurance announce a 30-year, $700 million agreement for naming rights to the potential downtown venue.

AEG, the owners of the Staples Center, are set to announce this morning a 30-year, $700 million agreement with Farmers Insurance for naming rights for a proposed NFL stadium to be built in downtown L.A.

The deal would be the most valuable naming rights agreement ever and a huge step toward bringing a pro football team to Los Angeles. The Los Angeles Times reports that the agreement would be for $20 million a year and escalate after that. The stadium, which would sport a retractable roof and 64,000 seats, would be called Farmers Field.

The $1 billion stadium has not been built, that site has not been approved and there is no team, but the pact provides momentum to solve all those problems. Naming rights deals have become difficult to come by (the new NFL stadiums outside Dallas and New York have no corporate monikers attached) amid the tough economic times. A competing NFL stadium proposal in the City of Industry east of Los Angeles is further along.

A news conference is scheduled for 9:30 a.m. today, with Mayor Antonio Villaraigosa and AEG president and CEO Tim Leiweke set to attend.