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

As GlobeSt.com previously reported, the Anschutz Co. put AEG up for sale for an undisclosed asking price last month, complicating the approval process since the contract between the city and AEG features more than 1,000 pages of protections should the company be sold, according to Miguel A. Santana, L.A.’s chief administrative officer. AEG’s president and CEO Tim Lieweke said during the hearing that the general fund will not be at risk and that AEG’s plans to sell the company were revealed before the council’s vote last week.

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