The developer of a proposed $ 1.1 billion football stadium in downtown Los Angeles said Tuesday that there is a limit to how extended his group is prepared to wait to full the project.
AEG president and CEO Tim Leiweke told ESPN that AEG could be ready to begin construction on Farmers Field by March 2013 if all goes properly, but after that the clock is ticking.
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“We have clauses in our agreement with Farmers that if we don’t have a team playing in the stadium by a particular date, they are no longer obligated on that naming correct deal,” Leiweke said. “More importantly, with (AEG chairman) Mr. (Philip) Anschutz, when you tie up that sort of capital and resources that we’re tying up, when you spend $ 27 million on the atmosphere report and an additional $ 45 million in design drawings, what you’re not going to do is chase this for the subsequent two years. It distracts from our organizatio, and it distracts this city and every little thing we’re undertaking right here.”
An additional reason for the urgency: A bill passed last year by California’s Legislature that expedites legal challenges to the stadium expires in January 2015.
“What I’m going to inform you is we won’t be sitting right here in February 2016 nevertheless chasing Farmers Field,” Leiweke told ESPN.
Leiweke told the Los Angeles Instances on Monday that Anschutz is willing to purchase a full ownership stake in an NFL team to facilitate the process. The newspaper also reported that the environmental influence report on AEG’s proposed downtown internet site is set to be released Thursday.
(About:) This post was distributed by Syndicated Sports news wire and aggregation service, For far more NFL news see: L.A. developer: Farmers Field in jeopardy if we do not hurry.