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LOS ANGELES – No intruder to production large sports and concert spectacles, AEG place itself at edifice initiate weekday with an enlarge performance aimed at anyone who doubts that the company could — or modify should — physique a newborn favoring sport structure in downtown Los Angeles.

Company President and CEO Tim Leiweke was both barker and ringleader for the disturbance of sports legends, business body and municipality officials who took the initiate to hit digit centralizing message: an NFL scene would be good for Los Angeles and AEG has the chops to physique digit without tapping municipality coffers.

"This is most the community, but it module be paying for completely privately, we promise," he said.

The circumstance was timed to AEG's announcement that it had secured a 30-year naming-rights care with Farmers Insurance Exchange for the designed $1 1000000000 stadium. Leiweke titled the lessen "the most momentous step nervy in the terminal 15 years in our efforts as a community, as leaders, to convey the NFL to Los Angeles."

Terms of the accord were not free but a mortal old with the negotiations told The Associated Press that AEG would intend $700 meg over 30 years if the firm builds the 64,000-seat venue, to be titled Farmers Field, and secures an NFL team to endeavor there.

The person, who crosspiece on information of anonymity because they were not authorized to speak publically most the contract, said AEG would intend $1 1000000000 if it places digit NFL teams in the structure that would be constructed near Staples Center and LA Live, digit sites already owned and operated by the sports and recreation firm.

But the event's bicentric communication was nearly overwhelmed by the media-thronged show that AEG had orchestrated.

"We're effort closer to bringing sport back to Los Angeles," said Magic Johnson, digit of whatever sports luminaries to appear at the event. "This is exciting for me and the full city."

Others sports stars in attending included Raiders and Rams alumni, among them past Rams greats Rosie Grier and Deacon Jones, who played for the teams before they left Los Angeles in 1995, leaving the nation's second-largest market without an NFL franchise.

Billionaire presenter Eli Broad, who has worked to appearance added section of downtown in his possess higher-brow image, appeared in a video to endorse the project, as did a procession of fag organization members who helped physique or today impact at LA Live, a hotel and recreation complex.

The offering was also cheered by Los Angeles Mayor Antonio Villaraigosa, who was hot for football's return, as well as for the impact opportunities the send would provide.

"This is more than meet most football. This is most jobs," he said.

An enlivened Leiweke took binary trips to the ambo during the event, commonly to move his mantra that AEG would pick up the whole tab for the retractable roof structure that would threefold as convention edifice space when it wasn't existence used for sport games — much as the 50th Super Bowl, which he dangled as a existence for fans.

Leiweke also vowed that newborn income from the place would assist debt on $350 meg in bonds AEG needs the municipality to supply to relocate a Brobdingnagian convention edifice where the structure would be built. He swore the company would pay whatever doable shortfalls.

"This send has to be driven by the public sector, but it module be paying for by the clannish sector," he said. "Some grouping don't seem to intend this."

The backers of a rival structure offering in the municipality of Industry whatever 15 miles easterly of Los Angeles hit been among the most publically skeptical of AEG's finance plan. Majestic Realty Co. Vice President John Semcken said after Leiweke briefed a City Council NGO terminal week that the bond composing would leave the municipality saddled with debt.

"We unwaveringly conceive that our structure proposal, which is modeled after the most successful stadiums in the league, is best suited for the NFL and the whole Southern California region," Semcken said in a evidence after the AEG circumstance Tuesday.

NFL spokesman Brian politico would only feature that the association continues "to monitor every structure developments in the Los Angeles area."

David Carter, a sports marketing academic at the University of Southern California's Marshall School of Business, said the naming-rights care with Farmers — the most big he has encountered — doubtless helps AEG front its goal.

"It helps them go to City Council and feature with a straightforward grappling 'We're going to be healthy to privately finance this,'" he said.

But Carter said AEG has much impact to do toward effort antiquity permits and securing a team before its organisation becomes reality.

"It's important to ready in nous that it has whatever actual momentum, but is by no means a finished deal," he said. "There's ease a lowercase taste of caution that's necessary before grouping intend carried away."

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