LOS ANGELES (AP) – A stadium deal worth up to $1 billion could make Los Angeles more alluring to an NFL team.
An entertainment company proposing a stadium in the city’s downtown has reached a naming rights deal with Farmers Insurance. A person familiar with the negotiations tells The Associated Press on Monday that AEG would get $700 million over 30 years if the firm builds its planned stadium and lures an NFL team to the country’s second-largest market.
The person, who spoke on condition of anonymity because they were not authorized to speak publicly about the contract, says AEG will get $1 billion if it places two NFL teams.
The contract was scheduled to be announced Tuesday.
AEG spokeswoman Cassandra Zebisch declined to comment. Farmers spokesman Jerry Davies did not return a call.
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