LOS ANGELES (CelebrityAccess) — After a five year effort that cost the company as much as $50 million, AEG is abandoning its plans to to build the Farmers Field football stadium in downtown Los Angeles.
According to the Los Angeles Times, AEG is no longer in discussions with any teams or the NFL about the stadium.
"I think it's fair to say we have turned our attention to proceeding with an alternative development,” AEG Vice Chairman Ted Fikre told the L.A. Times on Monday.
The decision to drop plans for a football stadium come on the heels of news that a consortium led by St. Louis Rams owner Stan Kroenke had plans to build a new, 80,000seat $1.86billion stadium in Inglewood to serve as a home for the team. As well, both the San Diego Chargers and the Oakland Raiders have signed on with a competing stadium project in Carson.
AEG had difficulty in attracting a team for its own stadium, much less the two it needed as tenants, despite the central location of the proposed Farmers Field. As well, AEG would need to acquire a discounted stake in one of those teams, at a time when lucrative television contracts would put a premium on any such transaction. – Staff Writers