Many cities go to great extremes to keep their professional sports franchises. Los Angeles, the second largest television market in America, has been without a team for 16 years and counting. It appears the only way to get a team is through the relocation of an existing franchise.
There are two problems here. Teams who want to leave are locked into long term lease agreements with their respective stadiums. It would cost a fortune, in many cases, to buy out the leases.
Los Angeles also has their own stadium issues. A number of groups have proposed a billion dollar stadium, but with out a team to use the facility, nothing ever happens.
AEG Corporation, owned by billionaire Philip Anschutz, has proposed buying out the lease of any team wishing to relocate. Teams under consideration include St Louis, Jacksonville, Oakland, San Diego and Minnesota.
Naming rights for the $1.35 billion stadium have been set for Farmers Insurance. Things are falling into place except for team. No matter what happens, it could be about four or five years before a team ever plays in L.A.
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