Banc of California is paying a $20. 1 million fee for the right to end its stadium-naming deal with professional soccer team 12 years early.
The bank and Major League Soccer club on Tuesday said they were unwinding the 15-year, $100 million deal that began in 2018. By the time the agreement expires at the end of the year, Banc of California will have paid more than $35 million for the right to have its name on the venue, the company said in an SEC filing.
Collecting the termination fee, akin to three years’ worth of the current payments, will help buoy the team as it seeks another naming rights partner amid the COVID-19 pandemic, which has halted play in the major U.