AEG Identifies Area To Build New Stadium For NFL Franchise

Anschutz Entertainment Group (AEG) reps yesterday "pinpointed for the first time ... a four-block area near Staples Center where they hope to build" a 64,000-seat, $450M stadium to attract an NFL franchise, according to Daunt & Mehta of the L.A. TIMES. The stadium plan "envisions a tiered facility that would offer a view" of downtown L.A. The stadium's "facade would resemble that" of Staples Center. AEG President Tim Leiweke said that AEG "has already spent $5 million on the proposal. In coming weeks, it would have to spend tens of millions more to exercise options on the purchase of the land." Meanwhile, AEG "issued yet another statement that they will walk away from the deal if their proposal continues to draw strong opposition from government officials and others hoping to attract" an NFL team to a renovated L.A. Memorial Coliseum. Leiweke: "We will not go through a major political battle because we are trying to do something good for Los Angeles. Two sites competing against each other is an absolute invitation to be used and abused by the NFL." However, L.A. Mayor James Hahn "continued to voice strong support for the AEG proposal, calling it 'the only game in town'" (L.A. TIMES, 6/14). Leiweke: "We are not going to risk hundreds of millions of dollars if there is no chance for success. ... The NFL has made clear to us that it doesn't want to go to the Coliseum. But we will give them all our market research. We will even buy season tickets. But we won't be in competition with them" (L.A. DAILY NEWS, 6/14).