NFL FUNDING SEARCH KICKED OFF : CITY SEEKS $300 MILLION COMMITMENT FOR TEAM.

Byline: Rick Orlov Daily News Staff Writer

Wanted: One individual or group of investors with up to $300 million to spend on the prospect of owning a National Football League franchise that has yet to be awarded in a stadium yet to be approved.

That's the prospect Los Angeles officials said Monday they now face in their quest to get the NFL to select a remodeled Coliseum to serve as the home of a professional football team. And, it probably has to be accomplished by March when the NFL owners will hold their next meeting in Palm Springs.

``There already has been sizable interest, both in calls here and to New York to the NFL,'' said Councilman Mark Ridley-Thomas at a news conference in an office adjacent to the Coliseum. ``There are any number of individuals and groups who are interested in joining in this.''

Ridley-Thomas refused to identify any of those interested in putting up such sums, but he indicated a process will soon be in place through which local officials can gauge the validity and viability of any such effort.

``It will be done sooner, rather than later, as we prepare to meet the concerns of the NFL,'' Ridley-Thomas said.

Identifying a prospective owner is the major hurdle facing local officials as they attempt to deal with the concerns expressed by NFL owners at a meeting last week over how the remodeling of the Coliseum - estimated at $185 million - would be financed.

``It will all depend on with whom we are dealing as potential owners,'' Ridley-Thomas said.

That is the key to determine how much the potential owners would be putting up as well as the distribution of money from luxury boxes, club seats and personal seat licenses expected to be sold.

In their pitch to NFL owners, the officials said plans for the new Coliseum call for building a stadium within a stadium, with seating ranging from 65,000 to 85,000 depending on whether a professional football game is played in the facility or a concert is being held.

In addition, on game days, local officials said, they plan to close down Exposition Boulevard and create an ``L.A. Expo'' of vendors and events around the Coliseum.

Also, once the ownership is identified, it will allow the city to go ahead with other plans to gauge public support for professional football.

Ridley-Thomas also dismissed criticism directed at the delegation for not being better prepared when it met with the NFL owners last week.

``That is simply untrue,'' Ridley-Thomas said. ``This is the beginning of a long process. A complicated process.''

Beyond the financial issues, Ridley-Thomas said the local officials also have to convince the NFL ownership to either allow the transfer of a team to Los Angeles or award the city an expansion team.

NFL owners have indicated they plan to award an expansion franchise to Cleveland. That would be the league's 31st team. There is strong competition for the 32nd franchise among various cities, but Ridley-Thomas said he was confident Los Angeles would be in the running.

``This is the second-largest media market in the country with a potential audience of 14 million,'' Ridley-Thomas said. ``The NFL has indicated it wants to be here. I think it would be hard-pressed to ignore this area.''