Davis had spoken with NFL commissioner Paul Tagliabue and other NFL officials about building a stadium and buying the franchise at a reported cost of $1 billion. Davis, however, has now decided to quit following NFL conditions that would oblige him to sell off his gaming interests. His proposal that the team would belong to the Davis Children Family Trust, which has no gambling investments, was not sufficient to meet the concerns of some NFL owners.
Davis had expressed interest in buying sports teams previously, but did not complete a deal. In past years, his name has been linked to efforts to buy the Denver Broncos, Dallas Cowboys and Oakland Athletics.
Billionaire oilman Marvin Davis has pulled out of his bid to set up an NFL expansion franchise based at Hollywood Park, Inglewood.
