LOS ANGELES (CBS) – Billionaire entrepreneur Philip Anschutz has agreed to finance the Los Angeles $1 billion stadium if certain conditions are met, according to Business Journal.
President of AEG, Tim Leiweke, listed four of his conditions for the stadium to be built next to Staples Center:
- An NFL team must agree to move to Los Angeles
- The NFL to approve the team’s move to Los Angeles
- Los Angeles must give quick approval and $350 million in bonds to replace the West Hall of the LA Convention Center. West Hall will be torn down and the NFL stadium built on that site
- Agreements must be reached with corporations for naming rights and other sponsorships.
Leiweke also said AEG would like to accomplish three of the four conditions by a self-imposed deadline by March. The agreement from the league will most likely have to wait due to owner negotiations
A likely candidate that could move to Los Angeles are the San Diego Chargers. However, recent reports say they are committed to stay in San Diego through the 2011 season even though they can terminate their lease from Qulacomm Stadium before May 1st.
AEG and Farmers Insurance are also close to a $400-million stadium naming deal.
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