J.P. Morgan arranged a financing package of more than $2 billion to build SoFi Stadium, where the World Cup, Olympics and Super Bowl will be held.
Sponsored by J.P. Morgan Chase
The U.S. Men’s National Team (USMNT) stepped onto the pitch for its first match of the FIFA World Cup to the cheers of over 70,000 fans at SoFi Stadium in Los Angeles, all waiting to see if the players can lead their country to glory.
The stadium, where the USMNT won their first match 4-1 over Paraguay, opened in Inglewood, California, in September 2020. J.P. Morgan arranged a financing package of more than $2 billion to build the stadium, which has since earned a reputation as a global sports and entertainment destination.
World class for the World Cup
From the start, SoFi Stadium aimed to be more than just a home to the Los Angeles Rams and Chargers. The goal was to host concerts and major sporting events, filling “as many days as possible” on the venue’s calendar, said Zach Effron, head of the Sports and Entertainment Infrastructure Group at J.P. Morgan. That covers everything from Taylor Swift’s Eras Tour and Beyoncé’s Cowboy Carter Tour to WrestleMania, the 2028 L.A. Olympics and this summer’s World Cup.
“It’s outstanding. For the U.S. as host of the World Cup, I do think it’s one of the best stadiums that we have in our country and globally,” said Michael Carlson, head of Public Finance Infrastructure at J.P. Morgan, who led the financing on the project. “SoFi is an extremely loud and an extremely fun place to take in a match. I don’t think global soccer fans will have seen a facility like this before. And I think they’ll be blown away by it.”
A team of utility players
The $5.5 billion project was the largest privately financed stadium project in sports history. The deal was unique due to its sheer size and complexity. J.P. Morgan initially arranged $2.25 billion in funding during construction, with the total project cost ultimately reaching $2.75 billion after refinancing with a mix of long-term loans.
“This is another example of different groups across the firm coming together to deliver,” said James Millard, head of Stadium and Arena Direct Lending at J.P. Morgan, who worked on the long-term bank loan financing. “Members of the Commercial & Investment Bank and the Private Bank needed to work as a team to send this to the back of the net.”
Eric Menell, global co-head of Sports Investment Banking at J.P. Morgan, agreed. “As deals have gotten more complicated, the need for a full-service bank to do everything has grown,” he said.
This isn’t the first instance of firmwide collaboration for sports clients. J.P. Morgan has also financed stadiums for teams across other leagues, including:
- Major League Soccer (Sofi Stadium, Orlando City, Austin FC, NYCFC, Inter Miami CF, Chicago Fire)
- National Women’s Soccer League (KC Current)
- the English Premier League (Fulham FC, Everton FC)
- Spain’s LaLiga (Real Madrid, FC Barcelona)
- Italy’s Serie A (AC Milan, Inter Milan)
- Portugal’s Primeira Liga (FC Porto, Sporting FC)
A hosting hat trick for SoFi Stadium
L.A. is just one of 16 North American cities hosting an influx of fans during the tournament, which will play through July 19. With eight World Cup games scheduled at SoFi Stadium and fans arriving from around the globe, the city is gearing up for an extraordinary summer.
Looking ahead, SoFi will aim for a hat trick of sporting successes as it prepares to host the 2027 Super Bowl, the second in the stadium’s history. It will also be one of two iconic L.A. venues incorporated into the opening ceremonies of the 2028 Olympic Games.
“A lot of people are working to make sure they’re ready for all the activity in L.A. in the next few years,” Effron said. “People are extremely excited for this. It’ll be tremendous.”
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