Getting football back to Los Angeles took another big step on Tuesday when the Los Angeles City Council approved a financing deal to get a new stadium downtown. Per multiple reports, the city council voted 12-0 in favor of the downtown stadium so, at least among those 12 city council members, there's support for this.
It's not the last step to getting football back in Los Angeles. You need...a team. Indeed, there is no clear plan on how the NFL would bring football back, and which team would be the one moving there. There are some candidates that are more likely than others but we're not really sure where each team stands on that list, though.
The stadium is five years down the line but Tuesday's vote helps keep the project on track. AEG has a location (downtown L.A), they've got the naming rights to the stadium (Farmers Field) and they've got the financing approved, the next step if actually building the stadium and finding a team to play there. That last part is what has some NFL fan bases nervous. There is some competition in this regard as a group backing a stadium in the City of Industry says it has a viable plan as well.
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Comments
The Rich Get Richer
I always wonder why mega billionaires turn to cities to issue bonds instead of releasing bonds on the open market.
1. Stadiums are not as profitable as advertised
2. the bond rate they can get from the city issue of bonds is a lot less hence the owners of the stadium make more money.
but their still is always the risk that these bonds never get paid back and the city is stiffed with a 300 million dollar bill.
Why do we not force these billionaires to finance their own stadiums and secure their own capital.
by safetobeme on Aug 9, 2011 5:53 PM EDT reply actions
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