According to ESPNLosAngeles.com, the deal is worth $700 million over 30 years, making it the largest naming rights agreement. Sources also said the deal could be worth $1 billion if the stadium were to attract more than one NFL team.
The announcement took place inside the West Hall of the Los Angeles Convention Center, a building AEG plans to demolish to build its proposed 64,000-seat retractable-roof stadium, which would connect to the current convention center.
Magic Johnson, who said he hopes to become a part owner in Los Angeles' NFL team, opened up the news conference and was joined in the audience by fellow Lakers great Jerry West, and former NFL players Jim Brown, Deacon Jones, Mike Haynes, Rosey Grier, Willie McGinest and Rodney Peete.
The announcement took place inside the West Hall of the Los Angeles Convention Center, a building AEG plans to demolish to build its proposed 64,000-seat retractable-roof stadium, which would connect to the current convention center.
Magic Johnson, who said he hopes to become a part owner in Los Angeles' NFL team, opened up the news conference and was joined in the audience by fellow Lakers great Jerry West, and former NFL players Jim Brown, Deacon Jones, Mike Haynes, Rosey Grier, Willie McGinest and Rodney Peete.
Also in attendance were former boxing champion Oscar De La Hoya, Los Angeles mayor Antonio Villaraigosa and actor Edward James Olmos.
"We're getting closer and closer to bringing football back to Los Angeles," Johnson said. "This is exciting for me and the whole city. I don't know what happened in the past but I [think] the community now is really excited about football returning to Los Angeles. We're all working together and I think that was missing in the private sector and the public sector."