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There was a report several months ago that SoFi had purchased the naming rights to the stadium being built in Los Angeles for the Rams and Chargers and the teams formally announced the deal on Sunday.

The two teams will begin playing their home games at SoFi Stadium next season.

“In less than a year, the Rams will be running out of the tunnel into SoFi Stadium as people around the world see Mr. [Stan] Kroenke’s creativity, dedication and hard work come to life through this game-changing building,” Rams COO Kevin Demoff said in a statement. “We are thrilled to be teaming with SoFi on a partnership that will extend beyond the columns of the stadium, one that will combine our passions for inspiring people to realize their ambition and climb higher.”

The financial terms of the 20-year deal were not announced. May’s report said it was in the range of $20 million a season.

In addition to Rams and Chargers games, SoFi Stadium will be the host of Super Bowl LVI in 2022, college football’s title game in 2023 and the opening and closing ceremonies of the 2028 Olympic Games.