Barry Levinson
One of the activities being investigated accorded to the Los Angeles Times is an alleged serious conflict of interest deal between Banc of California and a new soccer stadium wherein the bank pays the owners $100 million for the naming rights to the stadium over 15 years. A new stadium and a new league that has yet to play one game gets this amount of money seem very suspicious on the surface.
The Los Angeles Times did dig deeper and apparently so did the SEC because the part owner of this new Major League Soccer franchise is none other that Jason Sugarman, Steven Sugarman’s brother. This appears to be an extremely serious conflict of interest that a stadium that has not yet been built and a team and a league that has not yet played even one game would garner such a huge some of money upfront. Naming rights for even established teams and leagues for football, basketball or baseball stadiums has been controversial in the past. The reason is that it is hard to financially quantify the benefit for any corporation to spend 10’s of millions of dollars on naming rights.
The article goes on to state that there are other deals that supposedly the SEC is looking into concerning the bank but does expound on those other deals.
Below is the April 29,2017 article reprinted from the Los Angeles Times by James Rufus Koren as follows:
HILDA SUGARMAN-FSD BOARD PRESIDENT
#1 by Anonymous on May 1, 2017 - 11:45 pm
That’s an interesting picture of Hilda Sugarman. She has undergone extensive reconstructive surgeries. I bet you didn’t know that she is very close friends with MJ Noor did you?
#2 by anon on May 10, 2017 - 9:10 am
“Birds of a feather . . . “