Los Angeles just took one step closer to landing an NFL team.

The L.A. City Council approved plans for a football stadium in downtown Los Angeles on Friday. Anschutz Entertainment Group is set to privately fund the $1.2 billion project for a stadium with 76,000 seats, as well as a renovated LA Convention Center that will cost up to $391 million.

According to AEG’s CEO Tim Leiweke, the deal is a sign that Southern California is ready to be the home of another professional football team.  Councilwoman Jan Perry echoed Leiweke’s sentiments.

"This morning we're going to take a giant step forward in the city of Los Angeles. This is about bringing football back to the city of Los Angeles, and don't let anybody tell you it’s not," said Perry.

Despite being the second-largest city in the United States, L.A. hasn’t had an NFL team since 1994. The Raiders went back to Oakland after a 13-year stint in Los Angeles. The Rams began playing in L.A. in 1946, but moved to St. Louis after the 1979 season.

The new stadium will be called Farmers Field and will be paid for with private money. Former Laker Kareem Abdul Jabbar and former quarterback Rodney Peete were present when the announcement was made.

There are no current plans in place to move a team to Los Angeles. The Jacksonville Jaguars have been one franchise that has been rumored to be a possibility to head out west in the near future.