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OVITZ ON THE COMEBACK TRAIL: EYEING NFL TEAM FOR L.A.?
Published March 27, 1998
The "inevitable comeback" of Michael Ovitz is "underway," according to Bruce Orwall of the WALL STREET JOURNAL. Ovitz is joining with OH-based Glimcher Realty Trust on a plan to build malls with sports and entertainment themes in areas "such as" Columbus, OH, and Newark, NJ. Ovitz has also put together a group looking to land an NFL team in L.A. with plans to build a stadium adjacent to a Glimcher mall in Carson, CA. Glimcher Chair & CEO Herb Glimcher declined comment on whether he would be involved in the NFL project. Orwell writes that two weeks ago, Ovitz and his partners presented the league with a plan backed by $750M in prospective financing from Bank of America. Previously, Ovitz was in talks to join with investors led by NHL Kings co-Owner Ed Roski to bring an NFL team to the L.A. Coliseum. But "those discussions ended recently." Roski: "I guess he decided he would like to go in his own direction." So Ovitz began working with "entertainment architect" David Rockwell on the Carson site and the two put together a design for a $350M privately financed stadium near the mall complex. Orwell adds that the effort to bring an NFL team back to L.A. "is putting Mr. Ovitz's famed deal- making skills to the test" (WALL STREET JOURNAL, 3/27).