Farmers Field Numbers Crunching: Stadium Costs, Cap Sales
Thursday, February 3, 2011, by Dakota Smith
The Daily News takes a look at the numbers behind AEG's proposed NFL stadium, reporting that "the stadium's price tag now stands at $1.35 billion, [AEG CEO Tim] Leiweke said. That number is nearly double the $725 million it was widely reported that AEG said the stadium would cost when the company issued a request for proposals in November."
More from the paper:
"The $725 million figure strictly referred to 'building' the stadium, Leiweke said. By his own estimate, it will cost 'a billion and a half dollars' before a single game can be played when you add all cost involved in constructing the stadium at its proposed site - $1.35 billion - and another $150 million to buy into a team.'" Majestic's proposed stadium costs $800 million, in part because it's built into the side of the hill. Meanwhile, one of the reasons it's more expensive to build in Los Angeles, than say, Dallas, is that building costs, including labor, are higher here.
And on the topic of public money? "Experts say developers frequently underestimate how much public funding will be needed to build a stadium, according to industry experts and academics in the sports economics field." There is the cost of police for the stadium, points out the News.
Again, AEG has repeatedly said no public money would go towards the stadium, so perhaps they'll be putting in money for any security measures?
Meanwhile, a press release put out today by a firm hired by AEG states that all of the "Farmers Field" hats, t-shirts and other gear available at the LA Live store sold out at Tuesday's big press event.
Asked how many items sold, Ben Mann, who works at Beck Media & Marketing, says the number was "in the thousands." The LA Live store is ordering more, according to the release.
And on the topic of marketing: Farmersfieldsucks.com has already been registered, the name taken on February 1st. Monkeying by Majestic or AEG protective move?
· L.A. football stadium could cost $1.35 billion [Daily News]