The Los Angeles Dodgers announced Wednesday it has sold the team’s remaining stadium and is putting $6 billion toward renovation and expansion projects, including the construction of a new stadium for the National League West, the Los Angeles Times reported.
The deal is expected to be finalized by the end of the year, the paper reported.
Dodgers owner Donald Sterling and the team have long-term plans for the new stadium, which is being constructed on an undeveloped site in Inglewood.
The stadium would be the team home in the western portion of the city.
It would be designed to host home games, a practice facility and a movie theater.
The team has already moved several other stadiums, including Dodger Gardens in San Diego and the Los Angels’ new stadium in Anaheim, into new buildings in anticipation of hosting the 2021 World Series.
Sterling is hoping to use the Dodgers to promote his new stadium and make it a magnet for fans to attend games.
The new stadium would have seats for an average of more than 5,000 fans, and it would be adjacent to the Los Angles Convention Center and the new Staples Center, the newspaper said.
The Dodgers are in the midst of a $10 billion renovation of the team, which includes a new ballpark and a retractable roof.
It is expected that the team will also sell a few other parts of its stadium for other purposes, including a new clubhouse and concession stand.
Dodgers officials said Wednesday that the deal would pay for the renovation and for a new facility to host the 2021 MLB All-Star Game.
The deal was reached after negotiations between the teams owners and city officials, the Dodgers said.