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Facilities

Leiweke Says AEG May Scrap L.A. Stadium Plan If City Doesn't Give OK By July 31

AEG President & CEO Tim Leiweke Thursday said that his company's planned NFL stadium in downtown L.A. "could be scuttled if the city doesn't sign off on the framework of a deal by July 31," according to Sam Farmer of the L.A. TIMES. Leiweke wants the city to issue $350M in "municipal bonds to relocate the West Hall of the Convention Center -- where the proposed Farmers Field will sit -- and has promised those will be paid off by new revenue streams created by the project." He said, "We will know by July 31, one way or another." AEG is looking for a "memorandum of understanding before the 15-member City Council breaks for the summer on Aug. 1," which would "keep the project on track to open" for the '16 NFL season. Leiweke said that "he's 'optimistic' that the city has approached negotiations in a purposeful way." But he added that AEG Chair Phil Anschutz is "prepared to pull the plug if the uncertainty drifts into August, thereby opting not to spend an estimated $45 million over the next year on an environmental impact report, designs for the stadium and replacement hall, and pursuing an NFL team." Leiweke said, "Will we get to the right place? I think so. But I'm OK if we get to July 31 and we don't get a deal done, and we move on, and I didn't spend $45 million of Phil's money." Farmer writes it is "notable that Leiweke is now pointing to the 2016 season, because that already pushes the project back a year from the original, best-case scenario -- one that might have allowed L.A. to play host to the 50th Super Bowl" (L.A. TIMES, 6/3).

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