San Diego committee unveils $1.1 billion Chargers stadium plan

A new $1.1 billion venue that could be the future home of the San Diego Chargers was revealed on Monday afternoon by a city task force. However, early reports indicate there is reason to be skeptical about the possibility of it ever coming to fruition because of a financing plan that’s not expected to pass muster with the team or the NFL.

The proposed open air stadium would be built in Mission Valley, a community just north of downtown San Diego. What makes the proposal notable is a financing plan that wouldn’t rely on increased taxes for San Diego citizens.

The Citizens Stadium Advisory Group (CSAG) plans call for a funding breakdown that leans heavily on contributions from the team and the NFL. In documents released by the CSAG, more than $1.4 billion can be accounted for without increasing taxes. That includes $300 million from the Chargers, $173 million in bondable construction capital from the team’s rent, $200 million from the NFL’s stadium fund, $121 million from the County of San Diego, $121 million from the City of San Diego and $225 million from the sale of 75 acres of land. They also suggest more than $100 million can be raised from fans who can purchase Personal Seat Licenses for the new stadium. The plan as currently constituted will not require a public vote.

The plan would still require an environmental impact study.

Chargers special counsel Mark Fabiani released a brief statement saying that the team would begin reviewing the new stadium plan.

Still, Daniel Kaplan of the Sports Business Journal says that NFL officials will not be very receptive to the plan:

This plan is viewed by some as a potential starting point for working out a stadium plan that all parties can agree to that would also keep the Chargers in San Diego. In previous discussions, the team’s ownership has been reluctant to contribute more than $200 million to any stadium project, and the NFL has sought a funding formula that splits the cost more evenly between the team and league and local, public funding sources.

Renders of the stadium proposal were also released:

“Our plan is the first of its kind,” said CSAG Chairman Adam Day, “And it should jump-start negotiations between the Chargers, the City, and the County. There now is a fair and workable path to a new stadium in San Diego.”

At the same time of the CSAG’s plan release, the Chargers have announced that owner Dean Spanos will relinquish day-to-day control of the team to his sons. This reportedly will give Spanos more time to focus on a new stadium deal.

The Chargers are one of three teams considered to be possibilities for a relocation to Los Angeles, along with the St. Louis Rams and Oakland Raiders. In April, the Chargers and Raiders announced a joint proposal for a new stadium in Carson that would shoot lightning bolts when the Chargers score.

All three teams are going to give updates on their stadium situations at the two-day owners meetings in San Francisco this week. No votes or presentations for new stadium proposals will be held, though.