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Lawndale Tribune
AND lAwNDAle News
Herald Publications - El Segundo, Hawthorne, Lawndale & Inglewood Community Newspapers Since 1911 - (310) 322-1830 - Vol. 1, No. 4 - September 26, 2019
Inside
This Issue
Calendar of Events.............4
Certified & Licensed
Professionals.......................7
Classifieds............................3
Entertainment......................2
Hawthorne............................3
Hawthorne Happenings....3
Lawndale..............................4
Inglewood.............................5
Legals............................. 4,6,7
Pets........................................8
Weekend
Forecast
Inglewood Stadium Gets a Name
The Silicon Valley tech startup SoFi has bought the naming rights to the Hollywood Park stadium in Inglewood that will be the home of the Rams and Chargers. Photo: SoFi
Hollywood Park Makes Surprise
Choice for NFL Stadium Name
By Rob McCarthy
pay for college or grad school. The company
company from the popular social meeting
Hollywood Park racetrack saw plenty of
does business in an unconventional way, taking
platform Twitter. The naming and team
long-shot winners and big payouts before being
applications and funding student, personal and
sponsorship deals with the Rams and Chargers
demolished to make way for the new football
home loans online. There are no branch offices;
is “the perfect opportunity to drive awareness
stadium, and the venue’s new corporate partner
transactions are not done face to face.
and trust in the SoFi brand as we continue to
is hoping to continue the tradition of going
SoFi is popular with young adults looking to
grow and reach members on a national level,”
from an also-ran to a household name.
refinance their student loans. The company also
he said in a press release.
SoFi, a lender that caters to millennials with
is launching banking options such as checking
Other financial services companies, including
a portfolio of student and personal loans, has
and savings accounts that appeal to its target
Bank of America, CitiGroup and Barclays all
agreed to a deal with Rams owner Stan Kroenke
millennial audience. The deal for naming
have ink deals to place their brands on U.S.
to become the naming partner at the stadium
rights and other considerations at Hollywood
sports marquees. However, a small tech startup
and entertainment complex in Inglewood.
Park fits the company’s strategy to expand into
teaming with the NFL for marketing is as rare
The announcement earlier this month came
money management and radically change the
as an extra-point drop kick. Quarterback Doug
as a surprise since the San Francisco-based
lending business.
Flutie made the last successful drop kick in
financial services company doesn’t have the
SoFi’s chief executive Noto took the helm
a game versus the Miami Dolphins in 2006,
kind of name recognition as Staples, StubHub
last year, coming over to the financial tech
See Hollywood Park, page 5
or Honda with consumers and fans.
“We’re thrilled to be introducing SoFi
Stadium to the world through our partnership
Inglewood Economic Forecast
with Hollywood Park,” SoFi’s chief executive
officer Anthony Noto said on Sept. 15 when
Sees Booming Budget, Expansion
the naming deal was revealed.
Though the terms of the 20-year deal at the
By Haleemon Anderson
$125,511,425. With expenditures projected
Hollywood Park venue weren’t disclosed, the
Fiscal solvency was the focus of last
at $125,419,540, Fields indicated a potential
stadium naming rights may run $400 million,
week’s Inglewood City Council meeting,
surplus in the budget of $91,885.
according to industry estimates. SoFi’s deal with
with staff presenting the 2019-‘20 budget
Significant increases to the budget included
the Stan Kroenke family, which is privately
projection, and a strategic plan to bolster
salary and benefits at a 5.4 percent increase,
building the stadium and entertainment complex,
economic growth for years to come. City
CALPERS retirement benefits at a 10.5
also includes sponsorship of both the Rams
Manager Artie Fields presented the fiscal
percent increase and fire department at an
and Chargers starting next season. SoFi also
year operating budget. “Last year was the
11.1 percent increase. Overall employee
will sponsor the property’s 6,000-seat concert
first time in 10 years the City Council
and retiree healthcare benefits increased
venue and the entertainment district that will
approved a balanced budget without the
5 percent. According to Fields, that figure
be attached when the project is completed.
use of reserves,” said Fields. “And I’m
is mitigated by savings from a citywide
The stadium deal puts the Bay area-based
happy to inform you for the second year
change in provider. Fields also noted savings
lender and financial services company front
the City’s general fund budget is balanced
of over $5 million incorporated into
and center with Los Angeles sports fans and
without the use of reserves.”
the general fund due to salary savings.
concertgoers who have never heard of SoFi.
“Our total operating budget is
Senior Budget Analyst Keauonna Buckhanon
Four Stanford graduate students founded the
$251,790,710.00,” continued Fields, before
provided a detailed breakdown of
company in 2011, hoping to provide more
focusing on the general fund amount of
affordable options for those taking on debt to
Friday
Partly
Cloudy
72˚/66˚
Saturday
AM
Showers
70˚/62˚
Sunday
Mostly
Sunny
69˚/58˚
See City Council, page 5
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