LOS ANGELES, Feb. 1 (UPI) -- Los Angeles Mayor Antonio Villaraigosa and backers of an NFL stadium for the city Tuesday unveiled a $700 million naming rights deal with Farmers Insurance.
A $1 billion stadium proposed to be built by the entertainment company AEG would be named Farmers Field under the agreement, in which the company would pay $20 million for the first year and escalate each year thereafter for a total of 30 years.
The announcement represents a significant step in billionaire Philip Anschutz's efforts to build a retractable-roof stadium next to the Los Angeles Convention Center, the Los Angeles Times reported.
"With this announcement I think it's very clear football is coming back to Los Angeles," Villaraigosa told an audience at a convention center press conference.
Villaraigosa said he has talked to several unidentified NFL teams about moving to the stadium with hopes of landing one or two franchises for the city.
The San Diego Chargers, Minnesota Vikings and Jacksonville Jaguars are considered the most likely candidates to move.
AEG says the stadium would be privately financed but is seeking $350 million in city bonding authority to replace part of convention center with a connector to the stadium.
