Levi Strauss and the San Francisco 49ers have agreed to extend the company’s naming-rights deal at Levi’s Stadium through 2043.
The current 20-year deal with the facility in Santa Clara, Calif., was due to run through 2033 but has been extended for another decade.
The existing contract pays out $11 million per year from 2013 through 2032, while the next deal increases the value to $17 million annually for 10 years, per the Sport Business Journal.
“We all looked at each other and said why not?” 49ers president Al Guido told SBJ. “It’s been a great partnership. They wanted to extend it another 10 years, and it made all the sense in the world to us.”
The Santa Clara Stadium Authority is expected to approve the proposal next week.
The 68,500-seat stadium opened in 2014 with a construction cost of $1.3 billion.