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SBD/August 4, 2011/Facilities
L.A. Officials Give Big Endorsement To AEG's Farmers Field Plan
Published August 4, 2011
THE COST OF DOING BUSINESS: Dallas-based consulting firm Conventions, Sports & Leisure indicated that AEG's plan to land an NFL team for Farmers Field "could cost the company between $2 billion and $3 billion." CSL Dir of Sports Services Bill Rhoda, whose firm was hired by the city of L.A. to examine the economic impact of the project, wrote, "We agree that it is likely that AEG will purchase a percentage of the team and possibly the entire team." In doing so, Rhoda wrote the developer "would be required to pay a major relocation fee, purchase the team and pay for the stadium. Those total costs could easily exceed $2.0 billion and could reach $3.0 billion.” CSL estimates that the stadium and expanded convention center "would result in $133.3 million in indirect tax revenue." The firm contends that the Farmers Field project "would recreate 6,320 permanent jobs, most of them in the service industry, well below estimates by AEG and several labor unions." Meanwhile, Majestic Realty officials confirmed that they "have met with NFL officials since the league reached a new labor agreement with its players" about their planned stadium in nearby City of Industry (ORANGE COUNTY REGISTER, 8/4).
WORTH THE EFFORT: NBC's Al Michaels said L.A. “will have two teams within a decade if a stadium gets built," but no teams will land in the city "if a stadium does not get built." He said, "It’s all about a stadium, that’s what it’s about these days. Cities have leveraged stadiums against other cities -- that’s how the Ravens ended up in Baltimore. … That’s how St. Louis got its team back after the Cardinals went to Arizona. ... We’re playing this game right now where Los Angeles will be used as leverage.” Michaels did note that he is "confident right now that something can finally get done here." Michaels: "My feeling would be if they build a stadium in Los Angeles, an existing team would come immediately. Down the line, they’ll expand because that means too much in revenue to the existing owners. … They’ll play the Super Bowl here every three years, because the National Football League loves glitz, loves glamour, loves Hollywood” ("The Jim Rome Show," 8/2). Pro Basketball HOFer Magic Johnson, who has expressed his interest in bringing an NFL franchise to L.A., anticipated the L.A. City Council would approve the $300M in bonds for a new stadium, saying the deal is "going to get done because it’s a win-win for the city, it’s also a win-win for the people who live in Los Angeles – the taxpayers – and then it’s also a win-win for the NFL” (“Outside The Lines,” ESPN, 8/3).