Broad and Roski Form Financial Partnership to Bring NFL Franchise to Los Angeles.

LOS ANGELES--(BW SportsWire)--Jan. 21, 1999--

New Financial Backing Significantly Strengthens New Coliseum Partners Bid, Receives Endorsement of Mayor Riordan, City, County and

State Officials

Mayor Richard J. Riordan Thursday announced that Eli Broad, chairman and chief executive officer of SunAmerica Inc. and prominent Los Angeles civic and business leader, has joined forces with Edward P. Roski, Jr., president of the New Coliseum Partners (NCP), to bid for an NFL expansion franchise for Los Angeles.

Of the potential franchise price, Broad and Roski indicated that half of the financing would be in equity capital and half in non-public, long-term debt. They added that they were prepared to provide 100 percent of the equity capital, but intend initially to set aside 30-40 percent for other potential investors. The plan places no financial burden on taxpayers.

The Broad-Roski partnership has unified civic support in Los Angeles behind the New Coliseum project. Riordan, City Council President John Ferraro, City Council Member Mark Ridley-Thomas, County Supervisor Zev Yaroslavsky, Assembly Speaker Antonio Villaraigosa and other prominent city, county and state officials endorsed the NCP bid during a press conference held at the Los Angeles Convention Center.

"Eli Broad has proven time and again that he is a leader when it comes to getting things done," said Riordan. "He has been a terrific partner in our efforts to make Los Angeles a world-class destination. I am confident that Eli's unwavering commitment to Los Angeles and his keen ability to apply win-win strategies to big ticket projects will result in an NFL expansion team in the City of Angels."

"This is the type of high-power partnership we had envisioned for the NCP all along," said Ridley-Thomas.

The Broad-Roski team brings a significant boost to the New Coliseum project while addressing NFL owner concerns. With the full support of city officials and Broad's civic, business and financial leadership, the NCP is convinced they can bring an NFL team back to Los Angeles.

Broad, 65, one of the nation's wealthiest people, recently merged his financial services company, SunAmerica Inc. into American International Group (AIG) for $18.5 billion earlier this year. He is renowned for his leadership and financial contributions to LA's downtown revitalization efforts, including being the founding chairman of the Museum of Contemporary Art and heading the successful $265 million fundraising campaign for Disney Hall.

"Every great city needs a center, and for Los Angeles, that's downtown," said Broad. "The new Coliseum together with the Staples Center and Convention Center at the Southern end of Los Angeles, along with a new Disney Hall, a new cathedral and the Colburn School of Music on downtown's northern end, confirms that Los Angeles is 'the' city of the 21st Century. There is no question in my mind that the NFL will support this partnership, embrace our vision, and give us the mandate to bring professional football back to downtown Los Angeles."

"Having a prominent leader like Eli Broad join the New Coliseum Partnership clearly provides the solid financial backing sought by the NFL," said Roski, Jr. "But as important is Eli's track record of commitment to the city of Los Angeles and his desire to further establish the city as the model for the new millennium."