SAN FRANCISCO (CBS SF) – Levi Strauss & Co., the San Francisco 49ers have agreed to a $220 million naming rights deal for the new Santa Clara stadium, with the facility to be known as ‘Levi’s Stadium.’

Levi Strauss CEO Chip Bergh was joined by 49ers CEO Jed York, along with Santa Clara Mayor Jamie Matthews and San Francisco Mayor Ed Lee for the announcement at Levi Strauss headquarters in San Francisco Wednesday.

The team is moving from Candlestick Park to the new 68,500-seat Santa Clara stadium in 2014, and the apparel company plans to present the Santa Clara Stadium Authority with a proposed 20-year, $220 million naming rights agreement on Thursday.

Levi Strauss had been rumored as one of the possible companies in the bidding for the naming rights, this after the company purchased 12 domain names in late March related to the term stadium.

Bergh said the partnership between the company and the 49ers is a “perfect fit” because Levi’s made jeans “for the needs of the original 49ers of the Gold Rush era.”

York noted that the 49ers and Levi’s use similar colors in their logos.

“Our colors aren’t exactly the same but they’re close enough,” he said.

Wednesday’s announcement comes as the Bay Area is considered the heavy favorite to host Super Bowl 50, with an announcement expected from the National Football League on May 21. It will be on that day that the Bay Area Super Bowl Bid Committee provides details of its official bid to host the game at the new stadium in Santa Clara. A decision by NFL owners is expected later that day.

The only other bid is expected to come from Miami, although that now faces major hurdles after the Florida State Legislature declined acting on Miami’s request for $350 million to renovate Sun Life Stadium.

The 49ers new stadium remains on schedule to open in time for the 2014 season.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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