After investing five years and $50 million in an attempt to bring an NFL team back to Los Angeles, AEG is abandoning plans for its Farmers Field football stadium downtown.
The sports and entertainment conglomerate is no longer in discussions with the NFL or any teams about the project, company officials said Monday.
“I think it's fair to say we have turned our attention to proceeding with an alternative development,” AEG Vice Chairman Ted Fikre said.
Fikre said AEG will not seek an extension of its deal with the city, which expires April 17 and hinges on a long-term agreement with a team. The city, which owns the proposed stadium land, had already given the company an additional six months.
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