AEG, the company that hopes to develop a 72,000-seat stadium in downtown Los Angeles with the goal of luring an NFL team back to the second largest market in the nation, has reduced the amount of public money they will be seeking. Tim Leiweke, AEG's president and CEO, told a townhall meeting on Monday that his company would ask the city to issue than $300 million in bonds, a reduction of more than $50 million. The plan is to build the stadium near Staples Center where the convention center currently sits. The total pricetag on the stadium is estimated at more than $1 billion.
No NFL team has called the Los Angeles area home since the Rams and Raiders both left after the 1994 season. The Rams played in what has now become Angel Stadium of Anaheim. The Raiders played in the cavernous L.A. Coliseum. Neither were particularly well suited for the modern NFL and lacked amenities that are commonplace now, such as luxury boxes.
The proposed downtown stadium is actually one of two competing bids in the greater L.A. area. Warehouse magnate Ed Roski has proposed building a 75,000-seat stadium in the city of Industry, about 15 miles easy of Los Angeles. Neither stadium has a tenant lined up, but the Minnesota Vikings, Jacksonville Jaguars, San Diego Chargers, Oakland Raiders and St. Louis Rams have all been linked to one or both of the possible developments.