March 11--Lest anyone think AEG might reconsider its decision to pull the plug on Farmers Field, the company issued a press release Tuesday reiterating that it's moving on from the pursuit of an NFL stadium in downtown Los Angeles.
"After years of work on the stadium project, including execution of a term sheet with the NFL and over a year of negotiations in earnest with the league, it has become evident that a transaction that would be satisfactory to AEG, the City and the NFL is not achievable in any foreseeable time frame," AEG Vice Chairman Ted Fikre said in a written release.
Fikre's statement reveals that the company had a term sheet with the NFL, the framework of a deal, which AEG had not divulged. The problem was, although many league executives and owners liked the site, AEG failed to persuade a team that their proposed venue was the best option -- and it likely would have taken two teams to make the project financially feasible.
Regardless, AEG is moving forward with its development of L.A. Live, including the construction of an additional 755-room hotel, along with more retail, restaurant and conference space.
AEG has made it clear it does not support the notion of a stadium at Hollywood Park, arguing that having the venue in the flight path of Los Angeles International Airport would create a public-safety risk.
As he told the Los Angeles Times on Monday, Fikre reiterated that AEG could be supportive of another proposed stadium project -- that would be the joint effort of the San Deigo Chargers and Oakland Raiders in Carson -- but only if such an endeavor were subject to a thorough and transparent review instead of simply being greenlighted by local politicians.
Said Fikre: "While we believe that some of the alternative sites being considered in Southern California by the NFL and certain of its teams could be developed in an intelligent and responsible fashion, we would not support any project that is being rushed to market without a public process where environmental, economic, operational and community concerns can and should be examined and addressed."
