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L.A. Now Live: AEG sale, downtown L.A. football stadium

September 20, 2012 |  8:30 am

Though the proposal to build a $1.2-billion football stadium in downtown L.A. is expected to be approved by the City Council next week, the potential sale of Anshcutz Entertainment Group could affect the plans.

The only potential hangup, officials said, is if new owners seek to change the complicated and carefully negotiated financial agreements.

Times reporter David Zahniser will join L.A. Now Live at 9 a.m. to discuss Los Angeles Mayor Antonio Villaraigosa's knowledge of the deal and the effect a sale of AEG could have on the project.

The agreement  requires AEG, owned by billionaire Philip Anschutz, to make up the difference if revenue from the stadium is not enough to cover the city's debt payments for the project, which includes a $315-million renovation of the Convention Center.

Some in the community argued Wednesday that a key vote on the stadium deal should be delayed until taxpayers know who is going to run AEG. At a news conference, Villaraigosa sought to assure taxpayers that the sale of AEG would not alter its financial obligations.

Villaragosa appeared to be the only official who knew about the sale before it was announced late Tuesday. Councilman Bill Rosendahl said he was "stunned" by the news. Even Councilwoman Jan Perry, whose district includes the stadium site and who is considered AEG's closest ally on the council, was in the dark until the day of the announcement.

 

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