Deal For Chargers Stadium? Not So Fast!

Bradley J. Fikes Bradley J. Fikes Leave a Comment

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Eager to secure his legacy before leaving office, San Diego Mayor Jerry Sanders is rushing to get a stadium built in downtown San Diego’s East Village for the Chargers.

The San Diego Union-Tribune reports:

San Diego Mayor Jerry Sanders has hired a financial adviser to help city and county officials draft a plan to pay for a Chargers stadium in East Village. He hopes to have the public vote on the project in 13 months.

For the first time, Sanders gave a rough estimate of the potential public contribution to the venue: $38 million a year. An aide later said that arrangement over 30 years could cover a bond that generates half of the funding for an $800 million stadium.

Sanders said his goal is for San Diego’s latest consultant — George Bilicic, the global head of power, energy and infrastructure for New York-based Lazard Ltd. — to draw up a proposal for Chargers approval next year.

Perhaps Sanders can be indulged in his rush for a nice shiny new stadium he can point to as his legacy. As we all know, San Diego’s financial woes have been totally solved. And there is no chance the city will get taken to the cleaners in a bad deal that will become evident only years after Sanders is gone, as happened with his less-than-illustrious mayoral predecessors.

But those who care about San Diego’s finances and the reliability of a deal with the Chargers can be forgiven just a touch of worry, if there’s any substance to a story in Sacramento’s Capitol Weekly that Alex Spanos of the Chargers-owning  Spanos family isn’t as prompt in delivering a promised donation to Cal State Sacramento as he could have been.

Hat tip to Matt Potter of the San Diego Reader for pointing this out. Read his post by clicking on this link.

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(DISCLAIMER: Opinions expressed in this post are mind and not necessarily those of my employer, the North County Times).

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