On Monday, the NHL announced it had signed a deal to build a new $400 million, $1.5 billion hockey arena in Inglewood, California, which is set to open next year.
But the deal wasn’t quite as much as the teams had hoped.
The team had hoped the $400 billion deal would give it enough to build the $1,000 million arena at the site of the former Staples Center.
But when the deal was first announced, it said the team would receive a guaranteed $600 million.
As the deal got closer, it became clear the deal would require the NBA to pay a larger portion of the costs, which was a blow to the team, the NBA, and the NBA Players Association, which were all working on the deal.
It also became clear that the NBA was pushing ahead with the arena without the necessary funds to complete the arena project.
The NBA, which owns the rights to the Los Angeles Lakers, San Antonio Spurs, Phoenix Suns, Oklahoma City Thunder, Dallas Mavericks, and other teams, had a deadline of March 6 to finalize the deal, but it was not until last week that the league agreed to the deal and make the arena’s completion contingent on a number of conditions.
The details of those conditions have not been disclosed publicly, but the Los Angles city and state will have to pay for the construction and operation of the arena.
For example, the league had been asking for $250 million in a number to pay the construction costs, and $400 for the arena itself.
Now that it has paid off those costs, the cost is expected to drop to about $200 million, which could allow the league to finish the arena by March 31, 2018.
“We are very pleased to have the support of the NBA and the NFLPA, which has shown strong leadership in this arena project, as we continue to work toward the construction of a world-class arena,” said NFL Commissioner Roger Goodell in a statement.
In a statement, the NFL also praised the city and the state for working to build this new arena.
“The NBA and its partners at the Los Angels Arena Authority are committed to a world class arena project that will provide fans, players and owners with a world renowned arena experience,” the statement read.
“Our teams, cities and communities all share in this commitment.
As we move forward, we are committed that the arena will provide a home to the LA Galaxy, the Los Aztecs, and a host of other world class teams, as well as countless other professional sports organizations.”