The city of Los Angeles has been without a professional football team for quite some time. To be exact it has been 17 years. That is quite astonishing for one of the biggest sports markets in the country. The Anschutz Entertainment Group will finally bring the city of Los Angeles something so many people have been waiting for, a professional sports stadium for a hopeful soon to be professional football team. The details are not well known about the football team but we do know that plans to build a stadium have been confirmed by both the AEG group and the city of Los Angeles.
Here is what we do know so far:
- The new stadium will accommodate football, soccer, concert, trade shows, and exhibition, providing an additional 285,000 square feet for use by the convention center.
- There will be new parking structures adjacent to L.A. Live that will provide an additional 1,400 parking spaces the Convention Center, Staples Center and Event Center and Event Center
- It will be built next to Staples Center and L.A LIVE on the current site of the Convention Center’s West Hall, which will be torn down.
- Farmers Insurance Group will pay anywhere from 600-700 million for the naming rights of the stadium.
- AEG will be paying for it and will be sole owner and pay rent on the land. The city will issue $350 million in bonds to cover the costs for the hall and parking structures, which has said will not use any existing public funds.
- The sources of revenue for the city will be from rent paid by AEG for the land on which the Event Center is built, admission fees, parking structures, tax revenues related to the event center as well as revenue from signs on or around the event center.
There are still many questions that need to be answered and details about the finances and how specifically it will impact the city both positively and negatively. The positives seem to outweigh the negatives though. One thing that most citizens of Los Angeles can agree upon is that they would love to have a football team they can call their own.