So long Pasadena. It appears that Pasadena is out of the running for the chance to host LA's long-promised NFL team. According to several reports this week, NFL Commish Paul Tagliabue has gathered a group of 11 owners to look into two possible locations for the football franchise to play. Multiple factors, including the high cost to construct a new stadium in Anaheim or renovate the Coliseum, may play a crucial role in where the team is located.
The projected cost to construct a stadium, starting in 2008, is about $800 million for Anaheim or the Coliseum, several team owners confirmed Tuesday. When the NFL passed a resolution in May 2003 to work toward returning to the L.A. market, the projection was about $500million. The league and the stadium's tenant would finance the project. Several factors - particularly escalating building-material costs and real-estate values - have contributed to the increase. The $800 million figure caused some uneasiness among Coliseum officials, who worry owners will find the prospect of returning to L.A. less profitable, and therefore less attractive.
According to the Sports Illustrated article, Anaheim officials are willing to help push the project forward by selling land to the NFL for 50 percent of the cost.
· Owners look into Los Angeles stadium proposals [SI.com]
· Rising stadium cost not yet a deal-breaker [OC Register]