Soccer expansion team announces plan to build $250M Los Angeles stadium

LOS ANGELES (KABC) -- Soccer fans in Los Angeles received a pleasant surprise Monday morning - the city is one step closer to getting its own stadium.

The Los Angeles Football Club announced its plans to build the country's most expensive privately financed soccer stadium during a press conference at Exposition Park.

The team said the project will cost approximately $250 million and will cover 15 acres near the L.A. Memorial Coliseum in place of the 56-year-old Sports Arena.

At the center of the complex would be a 22,000-seat venue, which will be home to the new Major League Soccer team making its debut in 2018.

The complex would also include a conference center, restaurants and a soccer museum, MLS officials sad.

Supporters of the plan said the stadium would add 1,800 permanent jobs and as much as $2 million in annual tax revenue.

MLS officials said the project still needs approval from the coliseum commission and the Los Angeles City Council but that it is expected to move forward by July.

Both panels, along with Mayor Eric Garcetti, have expressed support for the project's development in the past.

Construction for the project will be financed by the team and its ownership group, which includes former Los Angeles Lakers Hall of Famer Magic Johnson and women's World Cup soccer champion Mia Hamm.

The former athletes joined other members of the team's ownership group at the press conference to outline their specific plans to the public.

Before the team can begin construction, an addendum to an environmental impact report must be completed and the L.A. Memorial Sports Arena must be demolished, which is expected to take about three years.

The privately funded facility would be the second soccer-specific stadium in the Southland.

The Associated Press contributed to this report.