LOS ANGELES—After five years of groundwork and $50 million spent trying to bring an National Football League franchise back to Los Angeles, AEG is dropping its plans for a downtown football stadium.
The sports and entertainment company is done negotiating with the league or any NFL teams about the project, the Los Angeles Times reported recently.
AEG vice chairman Ted Fikre told the paper that the firm had turned its attention toward “a different development.”
AEG will not seek an extension of its deal with the city, which is set to expire April 17. That agreement is dependent on long-term agreement with an NFL team. The city, which owns the proposed stadium land, had already given the company an additional six months.
AEG did not gain the interest of an NFL team, even though many league owners and executives viewed the site favorably. Competing stadium proposals in Inglewood and Carson, backed by NFL team owners, have “overshadowed the AEG plan,” the Times reported.
In January, St. Louis Rams owner Stan Kroenke and partners announced plans to build an 80,000-seat stadium at the former Hollywood Park site in Inglewood.
Click LA Times to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
