LOS ANGELES-Several industry sources are reporting that theLos Angeles City Council has approved plans for anNFL football stadium and convention site to be built downtown nextto Staples Center and the L.A.Live entertainment district. In a 12-0 vote late lastweek, with three members absent, Anschutz EntertainmentGroup received approval to build the $1-billion stadium,named Farmers Field, with the convention siteslated to cost an extra $314.6 million. The backers must recruit atleast one team to play at the stadium.

As GlobeSt.com previouslyreported, the Anschutz Co. putAEG up for sale for an undisclosed asking pricelast month, complicating the approval process since the contractbetween the city and AEG features more than 1,000 pages ofprotections should the company be sold, according to MiguelA. Santana, L.A.’s chief administrative officer. AEG’spresident and CEO Tim Lieweke said during thehearing that the general fund will not be at risk and that AEG’splans to sell the company were revealed before the council’s votelast week.

The proposed 78,000-square-foot stadium and convention center isexpected to create jobs and revenue for the city, Lieweke added,and will be paid for with private funds.