Feb 01, 2011 at 02:56 PM
written by Sam Farmer; LA Times

AEG, Farmers Insurance Agree To $700M Deal For LA's Proposed NFL Stadium

Backers of a plan to build a football stadium in downtown Los Angeles are set to announce Tuesday that they have reached a naming-rights deal worth $700 million, which would be the most valuable such agreement ever and a significant step toward bringing an NFL team to Los Angeles.

AEG, the huge entertainment company that, among other holdings, owns Staples Center and the L.A. Live complex, plans to announce a 30-year agreement with Farmers Insurance.