AEG wins contract to run LA Convention Center

LOS ANGELES (AP) The Los Angeles City Council has voted to let sports and entertainment giant AEG run the downtown convention center in a deal worth up to $350,000 a year.

The move Wednesday capped an effort to find a private company to run the city-owned convention center.

The Los Angeles Times reports AEG will receive an annual base fee of $175,000 that could be doubled if it boosts revenues and bookings under the five-year contract.

Anschutz Entertainment Group owns the Los Angeles' Staples Center arena and the NHL's Los Angeles Kings.