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AEG exec to appear before city council committee

AEG President and CEO Tim Leiweke gives

GABRIEL BOUYS/AFP/Getty Images

AEG President and CEO Tim Leiweke gives a press conference in front of the Staples Center in Los Angeles, California, in 2009. He's expected to answer questions about the company's impending sale on Monday.

The Los Angeles City Council's Ad Hoc Stadium Committee is scheduled to meet Monday morning and is expected to hear from AEG president Tim Leiweke about how the company's pending sale might affect its proposal to build a downtown football stadium.

Last week, the Anschutz Entertainment Group announced it is on the market. The company, which owns Staples Center and L.A. Live, has proposed building a stadium in the same vicinity. The project has been in development with the city for years. 

Los Angeles Mayor Antonio Villaraigosa said last week that AEG owner Phillip Anschutz has assured him a buyer will be found who will accept the terms of the pending development agreement with the city.

The agreement calls for the city to issue more than $300 million in bonds to pay for demolishing and replacing the Convention Center's West Hall to make room for the stadium. The bonds would be repaid through revenues from a special tax district in the area and from AEG lease payments. 

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