The team says it needs a new stadium to remain financially competitive in the National Football League. Newer stadiums offer electronic – rather than fixed – signage that allows advertisements to be switched with ease, corporate sponsorships such as naming rights and luxury boxes and club seats.
If the Chargers do leave Qualcomm stadium, they are required to pay off the city’s remaining debt from the Qualcomm renovation agreed to in 1995. The costs peak at $56.2 million in 2009 and gradually decline down to $19.9 million in 2014 and $3.4 million in 2020.
The Chargers hope to construct mixed-use development in concert and using the proceeds to finance the stadium, which is estimated to cost $600 million. To do so, the team is also searching for a development partner – the package is expected to cost at least $1 billion.
