AEG President Addresses City Council About Sale
Despite the announcement that AEG is now for sale, the proposed stadium and convention should still be approved, a city council meeting determined this morning.
AEG President Tim Leiweke spoke before the committee, apologizing for surprising the city with the announcement that the company was for sale.
The company announced the sale so that the City Council would be aware when voting on whether or not to approve the stadium deal, Leiweke said.
The $1.5 billion proposal includes: the expansion and upgrade of the Los Angeles convention center as well as the new football stadium. It is set to go before the full council on Friday.
Leiweke urged the city to approve the project regardless of AEG’s sale, arguing that the sale was unavoidable and that new owners would ensure “long-term predictability, not just for the city but for the NFL when we make this project a reality.”
City Councilwoman Jan Perry and other members of the committee expressed concern about signing such a major deal without knowledge of who would actually own the NFL team. Leiweke assured the committee of prospective bidders and said he and his executive team would still remain at the company.
Los Angeles has not had a football franchise since 1994 when the Los Angeles Raiders moved to Oakland and the Los Angeles Rams moved to St. Louis.