Levi’s Stadium is the new home of the San Francisco 49ers. The team is set to move out of Candlestick Park in 2014 and Levi Strauss, the San Francisco based jeans maker, is set to pay $220 million over 20 years for the naming rights to the new stadium.
The iconic company made the announcement Wednesday at their headquarters, along with 49ers’ CEO Jed York, Santa Clara Mayor Jamie Matthews, and San Francisco Mayor Ed Lee.
Levi Strauss’ CEO Chip Bergh released the news and made it known that the company is “thrilled” to become partners with the 49ers. Jed York believes the partnership is a win-win situation as they’ve had a connection for a long time.
The 49ers and Levi’s jeans use similar colors in their logos, and the team has worn the company’s jeans since the “Gold Rush era.”
The deal will not be official until after the Santa Clara City Council meets on Thursday night. The $220 million will be split 70/30 as the top half will go to the public agency that’s building the new stadium, according to CBS Sports.
The 49ers will get the rest and Levi’s will have their name on the stadium to seal the deal. The Bay Area will have their last season at Candlestick Park in 2013 before Levi’s Stadium arrives. The facility will hold over 68,500 fans and is reportedly worth $1.2 billion.
On top of receiving a percentage of the $220 million, the 49ers will also receive $66 million through a sponsorship agreement with Levi Strauss.
According to the San Jose Mercury News, the $220 million deal over 20 years looks to be the second-highest in NFL history. The Giants and Jets call MetLife Stadium their home, which is currently in the middle of a $400 million contract over 25 years.
While closing his statement, CEO Chip Bergh was very excited to announce that Levi Strauss has partnered with their “neighbors,” so to speak.
“Levi’s Stadium will connect two iconic Bay Area brands that share similar values, a rich heritage and a pioneering spirit,” Bergh said at the announcement. “Joining the incredible legacy of the 49ers organization is a perfect fit for the Levi’s brand — and a chance for us to engage with sports and music fans across the Bay Area and around the world.”
Do you like Levi’s Stadium as the new name for the San Francisco 49ers’ $1.2 billion project?