LOS ANGELES (CBSLA.com) — A Los Angeles City Council committee Friday backed a request from entertainment giant AEG for six more months to secure a National Football League franchise to play in Los Angeles.
AEG executive Ted Fikre told the City Council’s Economic Development Committee he’s “obviously disappointed that we have been unable to secure an NFL commitment” for the Los Angeles Convention and Event Center Project, which could potentially include a $1 billion stadium.
In 2012, AEG signed an agreement with the city to build a football stadium and expand the Los Angeles Convention Center. But with that deal set to expire next week on Oct. 18, the company has yet to get an NFL team to agree to move to the city.
AEG has invested $16 million in the Farmer’s Field project thus far.
KNX 1070’s Megan Goldsby reports Councilman Curren Price – who heads the Economic Development Committee – says they’ve not only extended the deal, they’ve sweetened it for the city.