LOS ANGELES (CelebrityAccess MediaWire) — Los Angeles may disqualify AEG from its bid to operate the Los Angeles Convention Center after the company failed to fully submit required financial information, a report revealed on Tuesday.
According to the Los Angeles Times, City Administrative Officer Miguel Santana said that AEG was informed last month that AEG's application had been deemed nonresponsive after the company failed to provide corporate tax returns and three years worth of balance sheets, income statements, cash flow records and statements on changes in stockholder equity.
AEG respond to the city's decision, claiming that the request for financial documentation was unclear and asking the city to reconsider their decision.
“Overall, we do not see how the best interest of the city would be served by allowing technical issues to dictate the outcome of a process for such an important asset to the entire city -– the Convention Center,” AEG’s chief legal and development officer Ted Fikre wrote in a letter to the city.
Regardless of how things pan out at the convention center, Santana said the city plans to move ahead on their agreement with AEG over Farmers Field professional football stadium. – CelebrityAccess Staff Writers