LOS ANGELES (CBSLA.com) — AEG, whose downtown plans were once considered the frontrunner for the NFL’s return to Los Angeles, has withdrawn its plans to build a stadium.
The company has ceased discussions with the league over Farmers Field, which was the proposed initial plan to bring a team back to LA, according to the Los Angeles Times.
The stadium’s plans had been in the works for five years, and City Council members voted to extend a deal with AEG stemming from 2012, to allow the developer to continue working on luring a franchise back to LA.
AEG executive Ted Fikre released a statement on behalf of the company on Monday:
“We are no longer in discussion with the NFL or any NFL team. Our focus is on the continued development of the L.A. Live district, and assisting the City of Los Angeles with development of its Convention Center and the downtown core. We have advised the city that we will not seek a further extension of the April 17 deadline for our convention center/stadium deal with the city.”
Fikre had told Economic Development Committee members that the company was “obviously disappointed that we have been unable to secure an NFL commitment today,” but that they were still “committed to the vision” of the 2012 agreement.
As part of that extension request, AEG also agreed to foot the $750,000 bill for “Plan B,” in case they fail to secure a football team.
The total investment the conglomerate had invested in the attempt of the project was over $50 million.