Los Angeles Approves New Football Stadium

No it doesn't have a team. And the company behind it is up for sale. But at least it's privately funded!

Plans for a football stadium in downtown Los Angeles were approved by the City Council Friday, marking a crucial step in a long journey to bring an NFL team back to LA.

Anschutz Entertainment Group's privately funded $1.2 billion proposal includes a 76,000-seat stadium and a revamped LA Convention Center that would cost AEG an estimated $314 million.

The 12-0 vote came after news broke recently that AEG was for sale, raising questions about the future of the stadium plan.