The city of San Diego yesterday announced the hiring of Citigroup and law firm Nixon Peabody "to negotiate a possible stadium deal with the Chargers," according to a front-page piece by David Garrick of the SAN DIEGO UNION-TRIBUNE. The announcement comes two weeks after city and county officials "agreed to spend as much as $250,000 each hiring such experts to help get a deal done and ensure that the interests of local taxpayers are protected." Citi and Nixon Peabody will "try to forge a deal with the Chargers using the financing framework scheduled to be released May 20" by San Diego Mayor Kevin Faulconer’s stadium task force. Citi recently "helped finance a new stadium" for the Falcons, as well as MetLife Stadium. Nixon Peabody also "handled legal work" for Levi's Stadium and AT&T Stadium (SAN DIEGO UNION-TRIBUNE, 4/21).
GLASS HALF EMPTY? In L.A., Vincent Bonsignore in a front-page piece cites a source as saying that San Diego "does not have a workable plan or timetable that would keep the Chargers" in the city. After talking with city leaders and task force members, the Chargers and NFL "aren’t seeing a workable plan within a workable timetable." The plans being presented "don’t add up," at least "in the eyes of the NFL and Chargers." Among the biggest concerns are that "bringing on a developer for a large-scale, mixed-use project complicates the process and adds another set of financial interests that could hurt the project’s progress." By "ignoring the Chargers’ wishes for a downtown stadium and choosing the site the Chargers dislike most, San Diego is alienating the team." Additionally, by "identifying mixed-use development and funding sources such as parking, rent, naming rights and personal seat licensing to help finance the stadium, it not only creates concerns about financing but potentially siphons off team revenues to the developer" (L.A. DAILY NEWS, 4/21).
