Anschutz Entertainment Group officially backed out of the race to build a new NFL stadium in Los Angeles. Despite spending a fortune on preparations, in this race they could not win.

Would you believe it’s been nearly 5 years since AEG presented their impressive scheme for a new stadium in downtown Los Angeles? During these years Anschutz Entertainment Group spent roughly $50 million on their bid to bring NFL back to the Californian metropolis.

The design by Gensler envisaged a 72,000-capacity stadium with retractable roof and very distinctive looks. It was to stand just beside Staples Center and was the very first stadium in NFL history to have a naming rights deal secured before seeing first shovel in the ground!

Except that it won’t become part of the NFL history, because AEG have yesterday confirmed they’re withdrawing the bid. The entertainment giant had until April 17 to secure an NFL franchise to move to the proposed stadium. Only then would the plan be viable in the long run.

However, all three franchises closest to Los Angeles have launched their own bids to build new stadiums in the city. Stan Kroenke’s St. Louis Rams are hoping to move to Inglewood, while San Diego Chargers and Oakland Raiders proposed a new stadium in Carson. This made the Farmers Field dream unrealistic and AEG decided to focus on their other projects now.