Farmers Field will not be built after AEG announced Monday it’s pulling out of the project. AEG was unable to get an NFL team to commit to the stadium, among other problems.
AEG on Monday pulled the plug on its five-year quest to build Farmers Field, a 72,000-seat, 1.7 million square foot stadium adjacent to Staples Center, having already spent at least $50 million on a project that also included a major overhaul of the Los Angeles Convention Center.
Under the terms of AEG’s 2012 deal with the City of Los Angeles, construction on the stadium could not begin until the sports and entertainment giant secured an NFL team for the venue. AEG, having already received a six-month extension from the City Council last October, acknowledged Monday it was unable to lure a franchise back to the nation’s second-largest market. (OCREGISTER)
