Blog Entry

Report: AEG is targeting MORE than five teams

Posted on: June 13, 2011 3:53 pm
Edited on: June 13, 2011 4:48 pm
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This is how developers envision what Farmers Field would look like (AP).Posted by Josh Katzowitz

Last week, we told you how AEG had targeted five NFL teams for possible relocation to Los Angeles – the Chargers, Jaguars, Raiders, Rams and Vikings.

Now, NFL.com has the news that AEG actually is targeting even more teams than that and that those teams are receiving monthly briefings detailing the progress of the downtown stadium (which will be named Farmers Field, as seen in the photo at right) and the surrounding area.

More from the story:

The next milestone for the Farmers Field effort comes on July 31, when AEG is expected to turn in a memorandum of understanding with the city council, which will outline a financing plan to build the stadium. AEG has committed $1 billion for the project, and is looking for $350 million in bonds from the city that would be repaid through new revenue created by the stadium, including the grounds lease and self-imposed seat and parking taxes.

The stadium will take approximately 30 months to build on the current site of the West Hall of the Los Angeles Convention Center. The city has insisted that the proposed Pico Hall -- which would replace the West Hall -- be up and running before the West Hall is torn down to make way for Farmers Field, so the city won't lose convention business.

Like I wrote the other day, if I’m a Chargers fan, I’m feeling awfully nervous that L.A. is going to snatch my team away. And the more teams in the running for possible relocation is probably welcome news.

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Comments

Since: Feb 25, 2009
Posted on: June 13, 2011 6:10 pm
 

Report: AEG is targeting MORE than five teams

Carolina owns their stadium.  Why in the world would they move?



Since: Nov 27, 2006
Posted on: June 13, 2011 6:01 pm
 

Report: AEG is targeting MORE than five teams

Yeah Buffalo and Carolina. 



Since: Apr 28, 2009
Posted on: June 13, 2011 5:09 pm
 

Report: AEG is targeting MORE than five teams

Any team that is in a smaller market with issues should be concerned. I'm talking to you, Buffalo.



Since: Sep 10, 2007
Posted on: June 13, 2011 4:39 pm
 

Report: AEG is targeting MORE than five teams

The city of Los Angelas really doesnt care about getting a NFL team. The NFL and AEG cares about getting a NFL team in Los Angelas.  The city is going to make AEG go through tons of hoops to get a stadium.  Other teams won't be happy about this.
1. The City can't lose convention space and buildings. This raises AEG's up front money skyhigh.
2. The City wants some major guarantees if they support a 350 million dollar bond.  This includes a guarantee of a NFL team coming to LA and possibly at least two superbowls in LA guarantees from the NFL.
3. The Chargers if they do not move, do not want competition from a LA team. Expect them to either be the team or to block any other team from coming to LA.  To a lesser point the Raiders like to claim the LA area as a fan base as well.
4. The Lakers which share the area are not going to help that much because fans can only spend so much money and the Lakers prefer that money to be spend on their memorabelia. Same can be said about the Ducks, Dodgers, and even the Angels.

The cards are stacked against AEG unless they finance everything themselves and they wont do that unless they can have a majority ownership in a NFL franchise.



Since: Mar 15, 2011
Posted on: June 13, 2011 4:06 pm
 

Money Talks

For enough money, AEG can get a team to LA---it will take a billion $ stadium and tons of guaranteed upfront cash to the owner, but they can raise that money easy from the city of LA, which is desperate to get a team and will pay whatever it takes.


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