LOS ANGELES (CelebrityAccess MediaWire) — The Santa Clara Stadium Authority has tapped Creative Artists Agency to find a buyer for the new $937 million football stadium to be built in Santa Clara California
According to Bloomberg, the deal will see CAA receive a 5%-10% commission on the sale and said that the Santa Clara Stadium Authority would use proceeds from the naming rights agreement to pay down some of the $330 million it has committed for the stadium.
Michael Levine, co-head of CAA's Sports division said that they are confident they will be able to locate a naming-rights partner, particularly as the stadium is located near Silicon Valley.
"It provides a unique opportunity to stand out from a crowd," Levine told Bloomberg. "You’re talking about a team with a pretty incredible history in the No. 1 sport in this country, and the stadium will be the most identifiable landmark in Silicon Valley; one of the most important places in our country from a growth, innovation and technology perspective."
Farmer's Insurance recently agreed to a similar naming rights agreement with AEG on the proposed multi-use stadium in LA, in a deal that was worth as much as $700m over 30 years. – CelebrityAccess Staff Writers
