$100,000,000 Richer After Naming Rights Deal, Millionaire Owner Magic Johnson Reacts to Major LAFC News With Bank of Montreal

When people talk about soccer in the city of Los Angeles, the first name that may come into the mind of the uninitiated is L.A. Galaxy. Although, like basketball, Los Angeles has two soccer clubs to its name. The second is LAFC, which is co-owned by Los Angeles Lakers legend Magic Johnson. While many still ponder over Ibrahimovic’s era at LA Galaxy, their city-rivals have evolved quickly and have just struck a huge recording-breaking deal with the Bank of Montreal. 

Los Angeles Football Club’s (LAFC) previous stadium was named the Bank of California stadium. The open-air stadium had been designed by Gensler. The stadium was also home to the National Women’s Soccer League team (NWSL), Angel City Football Club.

Magic Johnson Announces new partnership

A new naming rights deal reported by Front Office Sports took place between LAFC and the Bank of Montreal which will change the name of the stadium to the BMO Stadium. The record-breaking deal saw the club being paid $100 million for a 10-year deal for the change in naming rights.

Magic Johnson was quick to announce this news on his official Twitter account. He tweeted, “I’m so excited to announce that @LAFC has a great new naming rights partner! Welcome to the club BMO! @BMO.”

The deal, which amounts to roughly $10 million per year, is the biggest naming rights deal in MLS history. Given the fact that the country has long been dominated by leagues like the NBA, NFL, and MLB. Such investment into soccer surely will enable a huge leap in the advancement of MLS.

The BMO Stadium was Los Angeles’ first open-air stadium built in the city of since the Dodgers Stadium in 1962. The stadium can host up to 22,000 attendants at once.

A number of stadiums in the city of Los Angeles have changed and partnered with new investors. The home to the Los Angeles Lakers became Crypto.com after years of being Staples Center.

BMO bringing in change

With a proposed acquisition of California-based Bank of the West, BMO, better known as the Bank of Montreal, is a Canadian financial company that is actively expanding into the United States. BMO is also the name rights holder for BMO Field, the home stadium of Toronto FC.

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The renaming of Los Angeles has been in the works since the Bank of California withdrew from a reputed 15-year naming rights agreement that was initially inked in 2016. For the previous two and a half seasons, the stadium has gone under its old moniker while looking for a new sponsor.