SAN FRANCISCO — The San Francisco 49ers and Levi Strauss & Co. have reached an agreement for a $220 million, 20-year naming rights deal for the team's future stadium in Santa Clara.
Levi's CEO Chip Bergh and 49ers CEO Jed York announced the deal at Levi's Plaza in San Francisco on Wednesday. Santa Clara Mayor Jamie Matthews and San Francisco Mayor Ed Lee also attended the news conference.
While the stadium will be in the heart of technology-rich Silicon Valley, the San Francisco-based apparel company will hold the name: Levi's Stadium. The proposal, which also has an option to be extended for an additional five years, will be submitted to the Santa Clara Stadium Authority for approval Thursday.
"Levi's jeans were designed for the 49ers during the gold rush," York said. "It was a good fit for them then and it's a good fit today."
The upcoming season will be the 49ers' last at historic Candlestick Park in San Francisco. The team is planning to move to the new $1.2 billion stadium, about 45 miles south in Santa Clara and adjacent to the 49ers practice facility, for the 2014 season.