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SBD/January 18, 2011/Facilities
Anschutz On Board With L.A. Stadium Plan, But Wants Conditions Met
Published January 18, 2011
- Agreements with "various corporations for naming rights and other sponsorships that would bring in tens of millions of dollars in annual revenue."
- A commitment from L.A. city officials for "speedy approvals and $350 million in bonds to replace the West Hall of the city-owned Los Angeles Convention Center that would be torn down to make way for the stadium."
- A "commitment from an NFL team to move to Los Angeles."
- A commitment from the NFL to "approve an L.A. team."
FINANCING PLAN: Leiweke "did not confirm or deny" reports that Farmers Insurance is close to a deal for naming rights to the facility. He "would only say that a deal for naming rights and several deals for 'founding partner' sponsorships would be announced in the coming weeks." Leiweke said that the stadium project "will be entirely financed by AEG in order to avoid controversy." Leiweke: "The important thing here is that this is our money, so it shouldn't matter to anyone else whether it's $1 billion, $1.2 billion or $1.5 billion. We're going to pay for the stadium -- whatever it costs. Period." Leiweke also noted that Majestic Realty's $800M proposal for a stadium in City of Industry, Calif., "still lacks a team despite" Chair & CEO Ed Roski's efforts, and that NFL owners "don't seem to want a team" in that city (L.A. BUSINESS JOURNAL, 1/17 issue).