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.