The new facility would be built between Hollywood Park race track and the Forum.
If the NFL gives its approval before team owners meet in March, groundbreaking could begin as early as April, said R.D. Hubbard, Hollywood Park chairman. The stadium could be finished and ready for use for the 1998 season.
"A lot of other people have been doing a lot of talking, but Hollywood Park has continued to work to bring a stadium and bring a football team to the greater Los Angeles area," Hubbard said.
On Wednesday, the Inglewood city planning commission approved the final environmental impact report on the project, and Inglewood Mayor Sam Vincent said his city is ready to pump $35 million to $40 million into the stadium.
Hollywood Park, which apparently went down to the wire with the Raiders before owner Al Davis decided to move the team back to Oakland, is on solid financial footing as well, with $30 million in available cash and a line of credit of more than $100 million.
"Anybody that says Hollywood Park cannot build a stadium or finance a stadium doesn't know what they're talking about," Hubbard said.
If an NFL team decided to move to Los Angeles next year, it could play the 1996 and 1997 season in either the Coliseum or the Rose Bowl while the new stadium is under construction.