Saints' Benson Gives $11M To Pro Football HOF Bucks' Edens Outlines Downtown Arena Vision Jags Seeking State Money For Upgrades Monmouth Rolling Out Fantasy Sports Bets Falcons Stadium Bidding For Super Bowl, CFP Revenue Up For Sun Life Stadium In FY '14 CSU Panels Supports On-Campus Stadium Virginia Beach Reaches Deal To Build $200M Arena Facility Notes Avaya-Earthquakes Deal Worth $20M
DELOITTE & TOUCHE SHOWS CITY TO LOSE OUT ON CHARGERS DEAL
Published March 25, 1998
A Deloitte & Touche study commissioned by the city of San Diego predicts that the city will lose more than $1M in rent receipts for Qualcomm Stadium every season through 2006 "because of a ticket guarantee it signed with the Chargers," according to Ronald Powell of the SAN DIEGO UNION-TRIBUNE. Estimates have ticket sales to Chargers games through 2020 averaging 56,000 per game. Under the agreement, the city must pay the team for any unsold general-admission seats below an average of 60,000, with the payment in the form of rent reduction. Last year, the first of the deal, the team had a rent reduction of $1.3M. City Manager Michael Uberuaga said he "hopes the Chargers have a successful season," because in that event "general-admission ticket sales should reach the 60,000-seat level." Short of that, "he would be willing to ask the Chargers, Qualcomm or others to help pay for unsold tickets." Last season, the Chargers and Qualcomm bought "nearly" 40,000 unsold seats, saving the city another $1.6M (SAN DIEGO UNION-TRIBUNE, 3/24).