New $1.1 billion Chargers stadium in San Diego proposed
A proposal for a new NFL stadium in Mission Valley, Calif., was made to San Diego Chargers owner Dean Spanos and San Diego mayor Kevin Faulconer on Monday, according to U-T San Diego.
The $1.1 billion stadium proposal, which was made by San Diego's Citizens Stadium Advisory Group (CSAG), includes a 42-page financing plan.
The plan recommends the Chargers contribute $300 million and the NFL $200 million, with county and city taxpayers contributing $120 million each. However, the taxpayer money would come from each agency’s general fund over a 30-year period and would not require a tax increase, according to U-T San Diego.
Also included in the financial plan would be the city selling 75 acres of Qualcomm Stadium's public land for $225 million.
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In a statement, Faulconer said CSAG is ready to begin formal negotiations with the Chargers and would like to start by June 1. From Faulconer's statement:
As we all begin to review the details of the CSAG report, one thing is clear: we're all in this together. The Chargers are beloved by generations of San Diegans. San Diego has worked in good faith with the team and the NFL and will continue to do so. I am confident that if the team comes to the table with a willingness to work together, we will get this done for the benefit of our community, with protections for taxpayers and for the enjoyment of future generations.
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Last month, the Chargers and Oakland Raiderspresented updated plans to the NFL for their approved Carson, Calif., stadium. That stadium would cost $1.7 billion and would be shared by both teams.
Former San Francisco 49ers executive Carmen Policy, who had been out of the NFL since 2004, said Monday that the Chargers and Raiders have hired him to advocate for the Carson proposal.
"It’s exciting to bring me back to the NFL environment," he toldSports Business Journal's Daniel Kaplan. "My goal is to make sure Carson is presented in the best possible light and put the two teams in a position to be in total compliance with the league."
Policy is expected to speak with NFL owners this week at their meetings in San Francisco, according to the Los Angeles Times.
- Molly Geary
