LOS ANGELES (CBSLA.com) — The Los Angeles City Council voted unanimously Friday to approve a plan build a new NFL stadium and convention hall downtown.

Their final approval includes the building of a $1.2 billion stadium and a new $315 million convention hall, ballroom and plaza.

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Brian McCarthy, an NFL spokesman, said in a statement Friday that, “we are closely following all stadium-related developments in the Los Angeles area.”

Anschutz Entertainment Group (AEG) says it will begin construction only after it signs a team.

Friday’s vote comes a week after billionaire investor Phillip Anschutz announced he was selling AEG, which owns the STAPLES center and L.A. Live.

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AEG President and CEO Tim Leiweke said on Monday that he and his executive committee have signed extensions that will keep them on with the new owners who would be committed to the NFL project.

There will be a 30-day window for legal challenges.

If all goes as planned, ground breaking of the 76,000-seat stadium could happen in March 2013.

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Los Angeles has been without a professional football team since 1994, when the Raiders and Rams left.