AEG drops its Los Angeles NFL stadium project

March 11, 2015

With the recent announcement of two new proposed NFL stadium projects in Inglewood and Carson, and with both of those municipalities seemingly eager to see those proposals become a reality, AEG has announced in a press release that it is no longer in discussions with the NFL or any NFL teams regarding its own stadium project in downtown Los Angeles.

Furthermore, AEG has confirmed that it will not seek to extend the April 17th deadline in its agreement with the City of Los Angeles for this project.

“When AEG sought an initial extension to our agreement with the City last year, we committed to proceed in good faith, with an understanding that we would also explore alternative plans for L.A. LIVE,” said Ted Fikre, Vice Chairman of AEG.  “After years of work on the stadium project, including execution of a term sheet with the NFL and over a year of negotiations in earnest with the league, it has become evident that a transaction that would be satisfactory to AEG, the City and the NFL is not achievable in any foreseeable time frame.”

The Inglewood stadium project presumably would involve a move by the Rams next to the Forum.  The Carson stadium would be a joint venture by both the Chargers and the Raiders.

In an effort to discourage the Inglewood project, AEG recently commissioned a biased study, supported by apparent say-anything, gun-for-hire former DHS Secretary Tom Ridge, that laughably claimed that the site presented a terrorism risk because it was so close to LAX airport.

Obviously, the study did not take into account that the Forum and Hollywood Park existed for decades on the very same lot as the proposed new stadium, and yet those facilities never were subjected to a terrorist attack.  Miracles never cease.

AEG plans to move forward with the on-going development of the L.A. LIVE campus, where the Company is focused on continuing to build on its success as the hub for sports and entertainment activity in Southern California.  In that regard, last week AEG announced its intentions to develop an additional hotel property at L.A. LIVE, with plans to add 755 new hotel rooms together with additional conference, retail, and restaurant space.

“We continue to support the return of the NFL to the Los Angeles area, as long as the ultimate development of a football stadium in the region is done through an open, fair and transparent process rather than through short-cuts that could have long-term negative consequences for the City of Los Angeles, its neighboring communities and the general public,” said Fikre.  “While we believe that some of the alternative sites being considered in Southern California by the NFL and certain of its teams could be developed in an intelligent and responsible fashion, we would not support any project that is being rushed to market without a public process where environmental, economic, operational, and community concerns can and should be examined and addressed.”

By Staff of and news services

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