A new US$1bn (£617m, EUR727m) stadium and event centre is being planned by AEG to replace the existing West Hall of the Los Angeles Convention Center in California, US.

The proposed 1.7 million sq ft (157, 935sq m) complex is to be called Farmers Field after a 30-year naming rights deal was agreed between AEG and Farmers Insurance. ICON Venue Group has been appointed project manager for the scheme, which will include a 68,000-seat stadium to cater for National Football League (NFL) and soccer games.

An option to increase the seating capacity to 78,000 will also be incorporated into the project to allow Farmers Field to host special events, such as the Super Bowl and Olympic Games. AEG said the complex would not require any taxpayer funding and will act as a catalyst for future development, while helping to create nearly 20,000 jobs.

Los Angeles mayor Antonio Villaraigosa said: "This event centre - complete with a state-of-the-art NFL stadium and expanded convention center facilities - is a win-win the residents of Los Angeles. And, it will not cost taxpayers a dime." AEG Global Partnerships chief operating officer Shervin Mirhashemi added: "The name 'Farmers Field' will become part of the lexicon of NFL fans across all demographics and regions as Farmers Field joins an exclusive family of iconic AEG developments."