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Officials Give AEG 6 More Months to Lure NFL Back to LA

Thursday, November 6, 2014   (0 Comments) (CA) (10/10/14)

A Los Angeles City Council committee approved AEG's request to give them six additional months to secure a National Football League franchise to play in Los Angeles, with a 2012 deal with the city to build a $1 billion football stadium and expand the Los Angeles Convention Center due to expire on Oct. 18. As part of its request, AEG also agreed to finance a $750,000 backup contingency plan in case the bid to secure a team fails. The money would underwrite a design contest that would yield six concepts for expanding the Convention Center and cover the costs of environmental studies of the designs. Los Angeles potentially could obtain $400 million in new revenue as well as about 9,000 new jobs with an NFL agreement, says city administrative officer Miguel Santana. However, he also says the city is not willing to subsidize any potential stadium development, so there may be little hope of Los Angeles having its own NFL franchise. “This is one of the few stadiums in the history of this country that has zero subsidies whatsoever,” Santana notes. “We’re not going to subsidize a stadium, and so ultimately, if a team doesn’t want to come here for that reason, I think the city’s ready to take those consequences.” Still, Los Angeles Mayor Eric Garcetti is upbeat, saying he believes the NFL is "finally interested" in Los Angeles and that a team is "highly likely" to come to the city in 2015.

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