LOS ANGELES (AP) — The Los Angeles City Council has voted to let sports and entertainment giant AEG run the downtown convention center in a deal worth up to $350,000 a year.
The move Wednesday capped an effort to find a private company to run the city-owned convention center.
The Los Angeles Times reports AEG will receive an annual base fee of $175,000 that could be doubled if it boosts revenues and bookings under the five-year contract.
Anschutz Entertainment Group owns the Los Angeles' Staples Center arena and the NHL's Los Angeles Kings.
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