LOS ANGELES (CBSLA) — The Banc of California Stadium at Exposition Park could soon have a new name.

Banc of California announced it is ending its naming rights of the Los Angeles Football Club’s stadium, opening an opportunity for a new stadium sponsor to move in.

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Banc of California and the LAFC jointly announced a restructuring of their long-term partnership, with the bank eventually surrendering naming rights to the stadium while still continuing to serve as LAFC’s primary banking partner.

The restructured deal gives LAFC the ability to seek out other potential sponsorships for the 2-year-old stadium just south of downtown Los Angeles.

“We are extremely proud of our relationship with Banc of California and all that we have built and accomplished together,” said Tom Penn, LAFC president and co-owner.

“We thank them for being our founding naming rights partner, helping us create something special and making Banc of California Stadium one of the best sports and entertainment experiences in Los Angeles. We are excited to continue working with Banc of California on our joint community initiatives, while also pursuing a new naming rights partner for the stadium.”

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The $350 million venue will retain the current name while another sponsor is sought.

In 2016, Banc of California became the first naming rights partner for LAFC’s open-air stadium.

According to Sports Illustrated, when Banc of California Stadium opened in April 2018, it became the first open-air sports venue built in Los Angeles since 1962.

Since its opening, the LAFC has sold out all 44 Major League Soccer games at the stadium.

The stadium has also hosted concert performances by the bands Mumford & Sons, Iron Maiden, and The Original Misfits.

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(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)