Levi's Stadium
On May 8, 2013, the 49ers announced that San Francisco-based Levi Strauss & Co. purchased the naming rights to the new stadium. The deal calls for Levi's to pay $220.3 million to the city of Santa Clara and the 49ers over 20 years, with an option to extend the deal for another five years for around $75 million. On September 14, 2015, ESPN's Chris Berman coined the name "The Big Bellbottom" in reference to the stadium. In a Deadspin article covering the 49ers on August 18, 2015, article writer Drew Magary coined the nickname "the Jeanhole" for the stadium.
Levi's Stadium
The city of San Francisco received a new incentive to get a new stadium built. Mayor Gavin Newsom wanted to bring the 2016 Summer Olympics to the city, and a new stadium would sweeten the city's proposal for selection by the United States Olympic Committee as the official US submission to the IOC. The announcement came in November 2006. It called for a new stadium that would be converted into a 68,600-seat stadium for the 49ers after the Olympics. The Olympic Village would be converted into low-income housing after the games were over.