The owner of the St. Louis Rams has purchased a 60-acre parking lot located between the Forum and Hollywood Park in Los Angeles.
Wal-Mart originally owned the land, but sold it after failing to receive public approval for a store. Stan Kroenke, owner of the Rams, is a former board member of Wal-Mart and husband of one of Bud Walton's daughters.
Los Angeles has been without an NFL franchise since after the 1994 season.
This marks the first time an NFL owner has purchased land in Los Angeles capable of accommodating a stadium.
Los Angeles already has two other competing NFL stadium proposals, with one next to Staples Center and the other in the City of Industry.