Chargers, Rams reveal the name of their new home in Inglewood: SoFi Stadium

INGLEWOOD, Calif. (KABC) -- The Chargers' and Rams' new home in Inglewood will be named SoFi Stadium, the teams and the digital personal finance company announced Sunday after agreeing to a 20-year deal.

Financial terms of the agreement were not disclosed.

"We're thrilled to be introducing SoFi Stadium to the world, through our partnership with Hollywood Park," SoFi CEO Anthony Noto said in a statement.

The new facility, scheduled to open in the summer of 2020, is set to be the centerpiece of the $5 billion Hollywood Park project.

Located on South Prairie Avenue, between West Manchester and West Century boulevards, the stadium will boast a seating capacity of about 70,000, expandable up to 100,000, with 260 luxury suites, more than 13,000 premium seats and over 3 million square feet of usable space.

The 298-acre location, developed by Rams owner Stan Kroenke, is ultimately expected to include a performing arts center, hotels, parks, retail shops, restaurants and residences.

"It would be impossible to build a stadium and entertainment district of this magnitude without incredible and innovative partners who share our ambitions for Los Angeles, our fans worldwide and the National Football League," Kroenke said.

He added that more than 12,000 people have worked on the project since the groundbreaking ceremony at the site in November 2016.