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Sports and entertainment conglomerate Anschutz Entertainment Group is no longer investing in plans to build an NFL stadium in downtown Los Angeles.
Company officials confirmed to the L.A. Times that AEG has discontinued talks with the NFL and its teams about the Farmers Field project. The company had spent the past five years and at least $50 million on its plans to build the stadium.
Ultimately, AEG’s downtown project failed to attach a team, and so it lagged behind rival efforts in Inglewood, backed by the St. Louis Rams, and Carson, backed by the Oakland Raiders and San Diego Chargers.
“I think it’s fair to say we have turned our attention to proceeding with an alternative development,” AEG vice chairman Ted Fikre said, according to the Times.
With an April 17 deadline to land a team, AEG decided not to seek an extension. It had received a previous deadline extension of six months.
NFL executive vp Eric Grubman pointed out that the league liked the downtown site but that the situation is out of its control.
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