Wise Talk: How to Build a New Football Stadium

How to use San Diego's real estate assets to build a new stadium for the Chargers.

This is my first blog and I hope you'll find it interesting; it's about financing a new Chargers stadium.

The Chargers' Marc Fabiani spoke to my synagogue's mens club recently and I asked him a few key questions. First I asked if the Chargers could float a bond issue to pay for the stadium. The answer was yes, but the city and the Chargers would each be responsible for half of the money...an estimate of $900,000,000 to build the new stadium.

Next I asked how the city could pay for it. The answer was that the city could sell both the Sports Arena and Qualcomm stadium, and the cash received would be much more money than is needed.

Then I asked if this was pie in the sky or are there really are people and organizations waiting to buy the properties? The answer was that when he arrived in town to work with the Chargers, there was a list of people waiting to buy the properties.

Obviously the financial climate has changed, but nonetheless, I recommend that the city and the team form an entity to build the stadium...let's call it "The Stadium Corp."

The first step is to hire a  firm and do a market analysis to determine the actual value of the two properties. Next is to contact those who were originally interested in the purchase of the properties. Next would be to advertise the availability of the properties.

Let's be realistic:  the estimates I've already heard far exceed the amount of money needed to build a stadium. The balance raised could be used for any one of a number of the city's needs, and the best part is that it would not take a single penny out of the taxpayers' pocket.

It sounds like a win-win situation all around. 

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Robert filderman December 24, 2012 at 11:54 PM
Interesting way to finance a new stadium but won't this take years to accomplish? By then the team with a new coach will be gone. Fildy
Robert filderman December 24, 2012 at 11:55 PM
Just realized I incorrectly entered my email address
Andrea December 26, 2012 at 07:05 AM
I love the Chargers, and would root for them wherever they play. It would be such a boost to San Diego to have a winning football team. Every season I am hopeful for the Chargers to have a winning year, it brings so much fun and hope to the city. I don't know anything about the finances to bring about a new stadium, but i know every year San Diegans hope for a winning, and fun season to bring us together.
Mike Bennett December 26, 2012 at 09:08 PM
George, Enjoyed the blog. One question...who would own the stadium? If it was the City than I might support the idea. Mike


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