Anschutz’s AEG Agrees To Finance LA Stadium

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

anschutz 852844371 Anschutzs AEG Agrees To Finance LA Stadium

Philip Anschutz Of AEG

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.

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

  • John Farquhar

    Wow, if traffic in downtown LA wasn’t bad already! I do love football though.

  • LA Traffic Jams

    Good move if it comes through, creates jobs, clean up downtown LA surrounding ghettoes by the Stadium, $$$ into LA’s Slumping Revenue..

    LA TRAFFIC JAMS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  • Hairry Pottur

    Another thing the narcissistic Anschutz should demand is no black-outs, regardless. I can’t for my life understand, though, why in the world anyone would want an NFL team here….that part I do not get. We have all the Nations best teams already here…in particular the USC Trojans and the UCLA Bruins. I just see this as a complete waste of space.

    • punisher

      Ucla? Ha ha ha ha

      • Hairry Pottur

        Yeah…I know, I was trying to be kind to the ladies that wear the baby blue. I’m a TROJAN !!!!!!!!!!!!

    • ES

      What makes you think that everyone is a college ball fan?

      • Hairry Pottur

        Intelligence and the fact that we haven’t had an NFL team here for decades and there has been NO complaining. That enough for you ?

  • Gilbert

    It will good to have another team in cali

    • Den

      Actually the Chargers are already in California. They are only making a move to Los Angeles.

  • Daniel

    NO. I do not want want the city go more into debt with these bonds, i will vote no. Also I enjoy watching as many football games aspossible. By us having a team we will not get as many games out here

  • Den

    The wheels are in motion. The Los Angeles Chargers will be coming home after a long vacation down in Diego County.

  • Marissa

    The South Park location in Los Angeles is perfect for a stadium since it’s very close to freeways, light-rail and subway stations making access easy from anywhere in Southern California.

  • Countdemonet

    Public money is now being taken from teachers and given to billionaires for stadiums not needed or wanted. This is why there is no hope for this country.

blog comments powered by Disqus
Sandwich Generation

Listen Live