One year ago, Congress defunded public media. Now that we're 100% community funded, please become a sustaining member or increase your existing membership today.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
NFL Stadium Developer Loses $1 Billion in Personal Wealth
That's the current economy for you. Own a lot of property and Forbes Magazine will catch on in their most recent 400 wealthiest Americans list. Developer Ed Roski Jr., CEO of Majestic Realty Company, dropped from No. 163 to No. 236 on the annual list, which has one sports consultant speculating trouble for the proposed NFL stadium in the city of Industry.
Roski's loss in personal wealth was due to the lower real estate values, but he says that's not the whole story. "There is not just one stream of things," Roski told the San Gabriel Valley Tribune. "Real estate is not great right now. It's part of the way we live and everybody is going to survive." Add to that the silver line: recession = lower constructions costs and interest rates.
But a sports consultant in Chicago says not so fast: "You have to contribute a significant amount of cash into the stadium or into the team," said Marc Ganis, president of SportsCorp. Roski says lower real estate values do not mean rent checks collected are lower.
In another aspect over the controversial project, some state legislation may pass which will scoot the project past some environmental laws.
One year ago, Congress voted to defund public media, eliminating a critical $1.7 million from our budget every year going forward. But they couldn’t silence us, and we’re not going anywhere. LAist is now 100% community funded and that means we’re taking our future into our own hands and turning to you to keep local reporting strong.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Senior Vice President News, Editor in Chief
