If the NFL does return to a proposed stadium in downtown Los Angeles, the league's newest venue will be called Farmers Field. AEG officials are set to announce Tuesday that they have reached a naming rights deal with Farmers Insurance worth $700 million over 30 years. The deal could potentially be worth more if the stadium were to attract more than one NFL team.

The announcement will take place inside the West Hall of the Los Angeles Convention Center, a building AEG plans to demolish to build their proposed 64,000-seat retractable roof stadium, which would connect to the current convention center.

Even with a naming rights deal in place, Leiweke and AEG still have several hurdles to clear before they can begin construction. The company must still pass an environmental impact review, complete the entitlement process and come to a long-term land lease agreement with the city. A competing proposal by billionaire developer Ed Roski of Majestic Realty to build a 75,000-seat open-air football stadium in the City of Industry is considered shovel-ready after getting two approved environmental impact reports.

Separately Mayor Antonio Villaraigosa announced the creation of a blue ribbon commission on the proposed AEG-backed facility, which he called the Downtown Events Center. First Deputy Mayor Austin Beutner and Sony Pictures Entertainment Chief Executive Michael Lynton will serve as the co-chairmen.

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