The New Coliseum Partners "sweetened" their bid to
bring an NFL team to L.A. on Thursday by announcing that
billionaire Eli Broad will become a principal investor in
the project, according to Newton & Simers of the L.A. TIMES.
Broad is one of Mayor Richard Riordan's "closest friends"
and is a "pivotal figure in the effort to revitalize" the
downtown area. Broad: "I believe it's going to happen.
They (the NFL) want to see the money. Now they're seeing
it." Broad did not detail his investment, but said that he
and NHL Kings co-Owner Ed Roski "are prepared to carry the
entire investment themselves." He expects the cost of a new
team to be $750M or more. Broad added that while he and
Roski "will solicit other investors for about a third of the
franchise's value," Broad "will be the lead player." If the
group wins a team, he would oversee football operations and
marketing while Roski will oversee the stadium. Newton &
Simers report that the NFL's reaction "was generally
positive." One source: "This moves their project to a new
level, and that's a positive, but there's still three or
four more levels to go." Broad replaces NHL Kings co-Owner
Philip Anschutz, who has withdrawn from the bid. Broad is
"local and well-known," which some say leads to a "stronger
bid" for the New Coliseum Partners (L.A. TIMES, 1/22).
Roski: "Eli adds the muscle we need to bring a team to
[L.A.]" (L.B. PRESS-TELEGRAM, 1/22). In L.A., Bill Plaschke
writes that the Coliseum Partners group "finally has not
only a face, but a wallet" (L.A. TIMES, 1/22)
