L.A. One Step Closer to Gaining NFL Team, Stadium

By Sharmaine Jones

Los Angeles hasn't been home to an NFL team since the Rams moved to St. Louis in 1995, but the city is now one step closer to filling the football void.

According to ESPN, Farmers Insurance Exchange inked a 30-year, $700 million naming deal with AEG (Anshutz Entertainment Group) for a new NFL stadium to be built in downtown Los Angeles. This deal makes Citigroup's $400 million naming contract with the Mets look like chump change.

"This groundbreaking agreement with Farmers not only makes this the largest long-term commitment in naming rights history, it also signals the most significant step forward in creating the football stadium and event center and bringing an NFL team back to Los Angeles," AEG President and CEO Tim Leiweke told the local Fox affiliate.

The proposed 64,000-seat retractable roof venue will be named “Farmers Field” and will connect to the Los Angeles Convention Center, which AEG also owns. Taxpayers can breathe a sigh of relief because AEG plans to privately finance the $1 billion project, which will create 20,000 to 30,000 jobs.

Before AEG breaks ground, there are a few hurdles left to overcome. First and foremost, they'll have to withstand a competing proposal by developer Ed Roski of Majestic Realty for a 75,000-seat open-air football stadium that has already had two environmental impact reports approved. Majestic Realty is confident that they're the ones for the job and feels that Leiweke's plan not to use taxpayers' money is a farce.

"AEG is expecting taxpayers to dole out well over a billion dollars for a proposal that will compromise the City's general fund, the L.A. Convention Center, the new stadium and the financial success of any potential NFL team," John Semcken, vice president of Majestic Reality, told ESPN.

Leiweke has the support of Los Angeles Mayor Antonio Villaraigosa and remains confident that everything will go in his favor.

"By the time we hit the Super Bowl, we're going to have an announcement that proves to everyone once and for all that this project is going to happen," Leiweke said. "It's going to be private and it's going to be brilliant and it's going to happen."

What would you name Los Angeles' NFL team? Tell us in the comments or @MTV3.

Tags AEG, Antonio Villaraigosa, Ed Roski, Farmers Insurance, Football, Los Angeles Stadium, Majestic Realty, NFL, Tim Leiweke