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>AEG announces Farmers Field

01 Feb

>

AEG and Farmers Insurance Exchange held a press conference today to announce their plans for a proposed NFL Stadium. It will be built right next to Staples Center in Downtown Los Angeles.

Here’s the press release from AP: {Link}

LOS ANGELES — A proposed NFL stadium in downtown Los Angeles would be called Farmers Field under a 30-year naming-rights deal between developer AEG and Farmers Insurance Exchange.

The companies announced the agreement in a joint statement Tuesday in advance of a press conference.

Terms of the pact were not released but a person familiar with the negotiations tells The Associated Press 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, said AEG would get $1 billion if it places two NFL teams in the stadium.

 Picture: Not actual proposed stadium 

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