AEG Out of NFL Sweepstakes
And then there were three (perhaps more like two). AEG, the entertainment and media company that owns the Staples Center in DTLA, has removed itself from contention for bringing the NFL to LA.
AEG has spent about five years and some $50M on its Farmers Field proposal, according to the LA Times. And it makes a lot of sense that AEG would bow out, as a couple of recent proposals have gotten more heat. In a last attempt to thwart the leading candidate, the entertainment giant brought in former Secretary of Homeland Security Tom Ridge, who found the Inglewood site from Stan Kroenke and Stockbridge Capital Group shouldn't be completed due to concerns terrorists would seek to attack the venue.
Inglewood late last month granted approval to the Stockbridge JV to build a $2B football stadium and performance venue at the 238-acre Hollywood Park site, which Stockbridge owns. The theory is that Stan would bring his St. Louis Rams back to LA, but the Missouri city has been fighting back with a $900M stadium proposal of its own.
The other serious threat to Stan getting his Inglewood stadium going is a recent proposal from the San Diego Chargers and Oakland Raiders (yes, a joint proposal among division rivals) to build a $1.7B NFL stadium in Carson. The pitch could be little more than leverage, however, as both teams would like new stadiums from respective cities. In addition, LA's wealthiest real estate mogul, Ed Roski, has a proposal for a stadium in City of Industry, but the billionaire has been quiet for more than a year, so he may not be a credible threat. [LAT]